Citi to Take Wealth Management to Next Level with the Market-First Launch of Wealth 360
- Written by Reporters
Entering an Open Banking Era That Fosters a Customer-Centric Banking Landscape Through the IADS Pilot Program
HONG KONG SAR - Media OutReach Newswire - 17 July 2024 - Citi Hong Kong today announced the launch of Wealth 360, a pioneering digital wealth management feature on Citi Mobile® App, through the Interbank Account Data Sharing (IADS) pilot program introduced by the Hong Kong Monetary Authority (HKMA). This first-in-market feature gives Citi Mobile® App users real-time access to a range of enhanced wealth management functions, including interbank account overview, monthly cash flow reports, insights into personal spending habits, personalized financial insights, and carbon footprint overview. The feature is now rolling out to selected customer segments and will be gradually expanded to the entire customer base. The benefits extend far beyond enhancing customer experience, our customers will also be equipped with the tools and insights they need to manage their finances. By fostering transparency and empowering customers, we co-create a more connected and personalized banking ecosystem. Introduced by the HKMA late last year, the IADS pilot program aims to promote digitalization within the banking sector through the sharing of customer account data among banks. Customers will be able to access information of their deposit accounts at other banks such as account status, balances and transaction details – all on one app. Key Functions of Wealth 360[1]:- Interbank Account Overview: Through Application Programming Interface (API), customers will have the option to link their deposit accounts at other banks on the Citi Mobile® App, allowing them to access account details including account availability, status, balance, and transactions.
- Personal Financial Management: Customers will be able to track their financial status real-time, including an overview of personal expenses that will be grouped into various spending categories.
- Personalized Financial Insights: Wealth 360 will provide personalized financial insights, such as spending pattern analysis based on customers' spending habits.
- Carbon Footprint Overview: Customers can view their own carbon footprint as Wealth 360 will calculate the carbon emissions generated from their card spending, raising their awareness of carbon footprint and green spending and contributing to individual responsibility in environmental protection.
[1] Enhancements to this function will be introduced to all customers in phases.
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About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found atwww.citigroup.com| X: @Citi| LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi| Facebook: www.facebook.com/citi
Source https://www.media-outreach.com/news/hong-kong-sar/2024/07/17/313273/