In order to stay relevant, banks need to embrace the same factors that define the 21st century world we live in – we must be faster, smarter and more efficient. Getting there will require rapid and secure advancements that meet consumers top expectations’ of convenience and simplicity. We see digital innovation as the key to opening up greater access to financial tools, while also fighting corruption and advancing integrity and transparency around the world. As we embrace the business opportunities that digital solutions provide, we bear in mind the great responsibility we have to ensure our customers’ privacy and safeguard their data.
Technology has great potential to offer access to financial tools for vulnerable and underserved populations. It can also empower customers with financial information. A recent survey conducted by
Citi found that mobile banking provides customers with important information that makes them more aware of, and secure in, their financial standing (see data in graphic below). As we embrace the business opportunities that digital solutions provide, we also put robust policies and processes into place and use advanced technology to help us protect our customers’ privacy and safeguard their data.
As more devices are able to transact payments, banking infrastructure, rules and policies will have to change in response. Banks will have to make sure that they have the processing capabilities to keep up with the demand for payments increasing from billions to trillions per year. Security and authentication will also need to happen in real time and on an even more massive scale than today. We will approach solutions to these issues with our clients’ needs in focus, and design the products and services that make their financial lives easier and more manageable.