Citi unveils first online credit card program

MANILA, Philippines - Citi has unveiled the Philippines’ first digital credit card application and approval program, banking on the continued growth of the economy to boost its consumer banking business.

In a press briefing, Citi director for credit payment products David Stoughton said the program aims to enhance the bank’s presence in online banking.

“We’ve made much progress, more than 80 percent of consumer transactions are still made with cash and checks, that’s the case here and in other countries around the region. There’s a lot of opportunity,” he said.

The bank has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

“We have a large credit card consumer base and at least half of them are engaged with us digitally. We find them ready to adopt new things as long as what we’re giving is added value,” Stoughton said.

Stoughton said Citi customers are willing to adopt to new technology.

“Certainly, it’s a matter of the size of the opportunity. A lot of people are not engaged digitally in this market yet, so there’s definitely a room for growth. Again, I would say at least for Citi, our customers tend to be pretty willing to adopt new technology,” he said.

The official said Citi is one of the first banks to launch an online presence and also one of the pioneers in attracting customers through its website.

“At that time, we were only capturing the information online when they apply, but the processing still takes place offline including the credit review. With this latest service, we are excited to break new ground for the industry and deliver another innovation for the Filipino consumer,” he said.

Citi also digitized its rewards – clients who prefer to submit applications through promotion booths in shopping centers or travel exhibits because of attractive turn-in gifts would be pleased to discover they won’t be missing out just because they will do it online.

From now until April 30, clients could complete an application online and receive an electronic voucher to redeem an Auntie Anne’s pretzel and iced tea. When approved, plus with a qualifying purchase, clients who are getting their first Citibank credit card would also get a Fitbit Charge 2 fitness wristband.

The country’s largest foreign bank recently unveiled another strategic digital partnership, this time with Amazon. The Philippines will come next after Thailand where credit cardholders can now use their reward points to pay for purchases at Amazon.com.

Over the past five years, traffic in Citi branches across Asia has declined 50 percent as digital transactions grew over 100 percent.

“In our drive to digital, we have also become the credit card brand that online and mobile retailers prefer. This initiative presents a bright outlook in a country which greatly embraces the growth of online shopping and lifestyle,” Stoughton said.