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| A model promotes Citi Salaried UPL loan program. / Courtesy of Citibank Korea |
Citibank Korea is carrying out a series of strategies aimed at enhancing its digital channels, the bank said Monday, announcing its intentions to take the lead in the ongoing paradigm shift of digital banking services here.
The bank said the conventional concept of digital banking has been an additional tool for existing clients, but the popularity of Korea's new online-only banks has proven digital banking can be a strong platform to draw new clients.
In order to cope with the changes, the bank said it is enhancing its online accessibility, as well as providing benefits to new clients coming to the bank through digital channels.
The bank said it extends loans at preferential interest rates when a client who has no previous transactions with Citibank seeks loans online.
To get preferable interest rates from other lenders, customers have to meet some requirements. The bank said, however, its Citi Salaried UPL loan program provides 0.5 percentage point rate benefits for digital subscriptions so even new clients can borrow at lower rates.
Citibank Korea also provides benefits to new debit card users. The bank has been charging 50,000 won as an issuing fee of its Citi International Check Card, but it exempts the fee for those subscribing to the card online.
Also, it provides wealth management services to clients who have no transactions with Citibank Korea. When a client applies for services on the Citibank Korea website, wealth managers will provide counseling.
"This distinguishes Citibank Korea from online-only banks, which provide no financial counseling services, or other commercial banks, which provide such services only for clients with large amounts of transactions with them," a Citibank Korea official said.
The bank added it exempts fees for transfers to other banks through online or mobile. There are also no fees for withdrawal or other transfer services at 10,000 Citibank and Citi-affiliated ATMs across Korea and transfers to 18 countries through Citibank Global Transfer Service.
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