Sternlieb said although platforms like this should be ubiquitous, most banks haven't tackled the project due to its complexity. Citi declined to share specifically how many clients were using or will use the platform. The $2.4 trillion-asset bank plans to pilot the platform in Hong Kong, India, Singapore and the United Kingdom in the second half of this year. commercial client base, which the bank generally defines as between $10 million and $3 billion in revenue, is using the platform, Sugden said. He added that when done well, solutions like this can boost client retention and present more opportunities to cross-sell products, increasing a bank's wallet share per customer. Jordan Sternlieb, senior partner at the consulting firm West Monroe, said that developing a single-entry platform for commercial clients is the right move for banks. They wanted intuitive online banking with the most common tasks at their fingertips, and the next-best action that they need to do within that journey." "Clients said they wanted to get their tasks done with simplicity and ease, so they can concentrate on actually growing their business. dollars, we may apply a rate we have established without prior notice to you.Īdditional terms specific to outgoing wire transfers or consumer international wire transfers are contained in your wire transfer agreements."Our clients really wanted the same consumer experience they have in their day-to-day life on a commercial banking platform," Sugden said. If we complete a foreign currency exchange on your behalf, such as exchanging a foreign currency incoming wire transfer into U.S. The exchange rate may vary among customers depending on your relationship, products with us, or the type of transaction being conducted, the dollar amount, type of currency, and the date and time of the exchange, and whether the transaction is a debit or credit to your account. The exchange rate we use will include a spread and may include commissions or other costs that we, our affiliates, or our vendors may charge in providing foreign currency exchange to you. You should expect that these foreign exchange rates will be less favorable than rates quoted online or in publications. We may make a commission providing foreign currency exchange services to you. The foreign exchange rates we use are determined by us in our sole discretion.
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