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Citi top again in global digital banking benchmarking study

CitiDirect BE, Citi's institutional online and mobile banking platform, achieved the top ranking in Greenwich Associates’ 2020 Digital Banking Benchmarking study. This marks the fifteenth consecutive year that Citi received the best-of-class ranking among a distinguished group of both global and regional competitors.

The annual survey, one of the most recognised benchmarking studies in the institutional banking space, assesses the key features and functionality that define 'best of breed' digital banking platforms. It includes more than 50 evaluation factors and some 1600 sub-criteria, spanning from cross-product integration and navigability to online support and education to user administration and fraud prevention.

Greenwich Associates’ evaluation of Citi’s capabilities encompassed its entire portfolio of integrated digital institutional banking solutions, including the CitiDirect BE banking platform and CitiDirect BE Mobile; CitiConnect connectivity suite, including SWIFT, file sharing, API and ERP integration solutions; CitiFX Pulse; and supporting services, such as digital onboarding. This year’s evaluation also included over 200 new criteria spanning areas such as multi-bank capabilities, supply chain services, virtual account capabilities and active investment services.

“We continue to invest heavily in new capabilities and enhance existing solutions, which have been invaluable to our clients during this pandemic year," said Tapodyuti Bose, global head of Digital Channels and Data at Citi Treasury and Trade Solutions. "Receiving top rankings in the Greenwich Associates Digital Banking Benchmarking study is a testament to our commitment to investing in innovation to deliver market-leading solutions. A key factor in achieving these goals is engaging clients in our innovation process, and we are proud to share this award with them. Co-creating with clients, strategic fintech partners and industry associations, enables us to develop new features and services that help our clients manage and simplify their operations in new ways, while also providing them the flexibility to respond to the shifting digital demands of their businesses - both today and in the years to come.”

“The Covid-19 pandemic created real challenges for treasury departments faced with keeping their operations running smoothly while staff members pivoted to working remotely," commented Chris McDonnell, managing director at Greenwich Associates and global manager for the Digital Banking Benchmarking study. "The strength of Citi’s solutions really came to light during this time. Its unique digital account opening service and e-signatures capabilities, for example, makes it easier for its clients to quickly modify system enablements for treasury staff and security managers. And the CitiDirect BE App, along with its biometric and mobile authentication services, provides remote CitiDirect users with quick and easy login, in addition to the ability to transact and access data from mobile devices. A large part of Citi’s success derives from its ability to keep its finger on the pulse on the needs of its clients and its willingness to embrace new technologies and create digital solutions that support and enhance critical corporate treasury functions, during good times and challenging times alike.”

The Digital Banking Benchmarking study serves as a barometer of market trends and development priorities that can provide a forward-view of next-generation capabilities. Leading banks and non-bank providers are evaluated in the study annually with the bank group consisting of elite global and regional peers in the transaction banking industry.

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