Citibank opens wealth managemet center
Citibank Korea announced Thursday it opened Citibank Cheongdam Center, which is one of Korea’s largest bank branches specializing in wealth management (WM).
During the opening ceremony, the bank also introduced a mobile banking application that enables all Citibank transactions in one application without needing redundant certification.
The branch, near Apgujeong Rodeo Station in southern Seoul, occupies a seven-story building (two underground and five aboveground) and looks far different from traditional bank branches with tellers at counters.
Rather, it more looks like a financial version of an Apple Store where clients complete transactions through touch screens, computers and staff assistance.
From the second floor, the center offers luxurious lounges and consultation rooms for clients.
The second and third floors are for customers with 200 million to 1 billion won balances with Citibank.
The fourth and fifth floors are for those with more than 1 billion won.
Since it began operation on Nov. 28, more than 70 staffers, including 30 WM relationship managers and investment, insurance and loan experts, have been providing services.
The bank opened the center to expand its channels for interacting with customers and expects the center to emerge as a landmark in the nation’s WM.
“The branch is the outcome of Citibank Korea’s efforts to suggest better financial solutions for increasing clients’ assets in an era of low growth and low interest,” said Citibank Korea head Park Jin-hei.
Park said the bank was not obsessed with pursuing short-term profits, but rather seeking to set up mid- or long-term strategies. “We don’t expect the center to bring huge revenues immediately,” he said.
“What we are seeking is to increase clients’ assets through wealth management without conflicts of interests with customers. It will take time, but we believe this is the right way.”
The bank also introduced its New Citi Mobile app. So far, Citibank has two applications — one for mobile banking and the other for card services.
New Citi Mobile will replace both apps, differentiating the bank from its competitors, which Citibank claims roll out too many banking apps that confuse customers.
According to the bank, New Citi Mobile’s most distinctive feature is it enables all mobile banking transactions without using annoying public certification procedures.
Instead, it allows users to use ID or fingerprint recognition. Most banks’ mobile banking apps require at least four steps of complicated authentication for one transaction.