Citibank Singapore introduces mobile banking solution

image According to sources, Citibank Singapore Ltd has launched a comprehensive Mobile Banking solution that provides customers with transactional banking services and real-time information on their mobile phones. Two key platforms Citi Mobile and Citi Alerts will enable Citibank customers to bank while on the move.

Citi Mobile, which is a customized version of Citibank Online optimized for standard mobile devices including the iPhone, allows all customers who have internet access on their mobile phones to carry out transactional activities, including funds transfers and bill payments via their handheld devices. It is browser-based, requiring no registration or software download. Citi Alerts, an SMS service that notifies customers automatically when a banking activity such as a salary credit or a credit card charge occurs, allows customers to access their banking and card information on-demand via two-way SMS.

Together, Citi Mobile and Citi Alerts provide customers with a seamless mode of banking that is truly on-the-go. For example, if a customer is awaiting his salary credit in order to pay his credit card bill, he can request to be alerted via Citi Alerts when a GIRO payment is made to his account. Once he receives the SMS alert via his mobile phone, he can login to Citi Mobile to make his credit card bill payment. When his transaction has been completed, Citi Alerts will send him a notification SMS to inform him that payment for his bill has been received. The entire transaction can be made securely while a customer is on-the-go, enabling him to better manage his cash flow.

Currently, Singapore has the highest rate of mobile phone ownership in the world with a mobile penetration rate of greater than 130 %. According to the Infocomm Development Authority of Singapore, over the past three years 3G mobile subscriptions jumped nearly eight times to more than 2.6 million in the first quarter of this year.

The Mobile Banking platform was developed in partnership with Mobile Money Ventures, LLC, a Californian-based joint venture between Citi and Korea-based mobile service provider SK Telecom. Besides, Citi and MMV have worked together to deploy mobile banking services for customers in Hong Kong, the United States and the Philippines, and will have developed such services in a total of 12 countries by the end of the year.

Daniel Li, Director of eBusiness, Citibank Singapore Ltd., said: "3G mobile phone data plans are getting more affordable, especially on the back of the iPhone launch. In addition, the technology is also superior to what was available a few years ago. With the current infrastructure and environment, we expect to see growing adoption of mobile banking services, with more than one in two of our current online customers performing banking transactions on their mobile phones within the next two years."

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