Citi Oz Plans All-Digital Banks
International financial services giant Citibank is reportedly planning to turn its branches into “advisory centres” for high-net-worth customers, rather than providing a traditional banking service, as part of a vision designed to enable the company to create what it calls an “end-to-end digital bank”.
The shift comes less than two years after Citi became the first bank to make all of its branches in Australia cashless, claiming this was due to a lack of demand for cash withdrawals.
Citi’s new US head of consumer banking, Anand Selvakesari, who until recently served as the APac head, told The Australian Financial Review the shift was part of a broader change to respond to the different way people view their banks in the smartphone era.
“Customer behaviour is changing and the number of transactions happening in branches is declining significantly year on year. As a result, we’re optimising the branch network and we’re morphing them into ‘wealth and advisory centres’,” he said.