Citi has launched a completely digitized onboarding process that enables institutional clients in Asia-Pacific to open accounts in just two days.
CitiDirect BE Digital Onboarding features an interface that guides users through the onboarding process, including account opening and KYC requirements, and allows them to provide their documents digitally. The solution also provides clients with a digital dashboard, which allows them to track the progress of their account opening.
The solution went live in Singapore and Hong Kong last week, following the launch of digital onboarding across other regions. The process was first launched in the US followed by six markets in Europe, Middle East and Africa in January 2019. The solution will continue be rolled out in additional markets worldwide, including in Asia, in the coming quarters.
The new digital solution replaces a mostly manual legacy paper-driven and courier-based documentation process and comes off the back of a global documentation rationalization program that reduced over 70% of service agreements and forms.
In addition to saving time, clients will not have to interact with as many touchpoints and will be able to manage their account opening processes with greater flexibility and increased information.