Citi Innovation Lab in Singapore has earned the Most Innovative Feature Award for its proprietary Citi Interactive Solutions at the 2017 Monarch Innovation Awards. This is the latest award received by the Singapore Lab, which is Citi's only lab in Asia focused on exploring new ideas and service concepts for transaction banking for institutions.
Citi Interactive Solutions was designed to support the needs of large and multinational corporations operating in today's complex global business environment. It helps to drive strategic decision-making for treasury, procurement and shared service center organizations by providing clients with direct access to critical actionable intelligence and data. Leveraging algorithms, interactive technology, data, and analytics, it enables Citi clients to address their cash management and working capital optimization challenges across a spectrum of treasury operations, identify pain points and inefficiencies, benchmark the company's operating landscape against the best-in-class, and simulate complex client-specific cash management with real-time benefit calculations.
Commenting on the award, Rajesh Mehta, Asia Pacific Head of Treasury and Trade Solutions (TTS) at Citi, said: "We are delighted to win this prestigious award, which is a demonstration of our commitment to be the world's leading digital bank and to serve our clients every day with excellence. One of our key priorities is to build a strong culture of innovation within the organization. It is the key to unlocking opportunities arising from the winds of globalization, urbanization and digitization, and maintaining a competitive edge in an ever-changing business landscape."
Tapodyuti Bose, Global Head of Channel and Enterprise Services, TTS, added: "Our lab in Singapore has been leading the way in developing meaningful and innovative solutions that are relevant and add value to our clients' business. Client engagement is at the core of this process. The multi award-winning Citi Interactive Solutions has revolutionized client experience and the way we closely partner our clients, providing real-time advisory analytics with dynamic benefit calculations and effective visualization tailored to a company's specific operations."
Citi Interactive Solutions consists of a wide range of modules that help clients structure and optimize their global liquidity management; perform analytics to segment and optimize their supplier spends across trade, payment and card solutions; and benchmark an institution's treasury management and working capital metrics against peers that operate within the same industry or geography. Its latest module enables clients to be provided the best in digital advisory by understanding how they can leverage and rationalize the digital channels to process their transactions.
The most successful FinTech capability developed by Citi in recent years, Citi Interactive Solutions has been used in hundreds of client sessions, showcased in more than 30 client conferences and supported over $50 million in deals. It has helped our clients identify working capital improvement opportunities of up to $160 million and efficiency savings of up to $20 million.
Citi Interactive Solutions has also won a number of awards, including Singapore's National Infocomm Award for the ‘Most Innovative Use of Infocomm Technology, Private Sector (General)' in 2012, the ‘Editor's Triple Star' from The Asset magazine's Asian Awards in 2014 and the ‘Highly Commended Award' in the "Innovation in Treasury Management" category in the 2016 FinTech Innovation Awards.
The Monarch Innovation Awards recognize B2B innovations within the financial services industry. Awards are presented to financial institutions and industry partners that provide the most innovative products to business customers.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Citi Innovation Lab Singapore
In line with its strategy to be the world's leading digital bank, Citi is focused on developing a culture of innovation across its institutional and consumer businesses. Citi's global network of innovation labs located in Dublin, Tel Aviv, Singapore and New York explore and test new ideas, technologies and solutions to accelerate product roadmaps and expedite commercialization opportunities for our consumer, markets and transaction banking businesses. Each lab has its unique focus and areas of expertise, but share best practices and are designed to provide a globally consistent experience. Together with Citi Ventures, the labs also drive the growth agenda for Citi through a global corporate entrepreneurship program.
With its Treasury and Trade Solutions' innovation labs in Dublin and Singapore, Citi remains the only bank with a network of labs solely dedicated to exploring new ideas and service concepts for transaction banking for corporations.
Citi Innovation Lab in Singapore opened in January 2011 and was the first lab of its kind to be established in the country. It leverages algorithms, analytics, and interactive and visualization technologies to engage Citi's institutional clients and deliver innovative products that solve their strategic challenges.
Staffed with experts from diverse product backgrounds and non-banking industries, the Singapore lab drives Citi's unique approach to innovation and solutions designed for the needs of CFOs and global treasurers. The staff's collective expertise is supplemented by alliances with key technology companies, academics and interns from institutions of higher education, and the Singapore government.
In the past five years, the lab in Singapore has explored about 400 ideas, 80 prototypes and conducted more than 1,500 client engagements. It has developed two globally commercialized solutions that support US$60 million in cash management and trade deals a year.
The lab in Singapore has won several awards including the prestigious Singapore National Infocomm Award in 2012, the Editors' Triple Star Award in The Asset's Triple A Treasury, Trade and Risk Management Awards in 2014 and the ‘Highly Commended Award' in the "Innovation in Treasury Management" category in the 2016 FinTech Innovation Awards.
Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS), provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With a full range of digital and mobile enabled platforms, tools and analytics, TTS continues to lead the way in delivering innovative and tailored solutions to its clients. It offers the industry's most comprehensive suite of treasury and trade solutions including cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, trade finance and services.
Media Contact: Asia Pacific Caren Lee +852 2868-7682 firstname.lastname@example.org