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May 30, 2017

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Citibank launches Total Wealth Advisor system

TAIPEI, Taiwan -- As part of an ongoing drive to improve customer experiences, Citibank Taiwan has converted the Chungcheng Branch in Taipei into a smart banking branch. This included setting up digital banking areas for customers to better understand the process of opening a bank account and applying for a credit card with a Taiwanese Citizen Digital Certificate.

These kinds of conversions allow customers to transfer funds through Citibank's Mobile Banking services and control investments in both the Hong Kong and the U.S. stock markets. As part of its drive to aid wealth management, Citi has launched the Total Wealth Advisor (TWA) system — an image-based, intuitive tool for financial advisors to provide a more professional service and help customers achieve their financial goals.

The TWA system is comprised of three main features: goal-oriented financial planning, an image-based interactive interface, and asset allocation review. Citi also offers a tailor-made portfolio based on a client's risk tolerance, wealth allocation, financial goals, and budget planning. The image-based interface is designed to present the client with a clear and easy to understand platform summarizing their investments and financial targets.

The TWA system specifically aims to help customers review their transaction records, asset changes and investment results during a specific period. By tracking financial performance on a regular basis, Citi's financial advisors and clients can further discuss whether to readjust their financial goals or investment portfolios.

According to Citi, the TWA is not a sales tool, but a financial planning system that helps financial advisors to communicate with their clients. In the future, this system will provide stress tests for customers' asset allocation, simulating severe market conditions such as the 2008 financial crisis to evaluate how economic variables affect customers' assets.

Citi says that it has introduced products such as the TWA due to customer demand.

Yunny Lee, Citibank Taiwan Business Manager of Global Consumer Banking, said that digital development would not replace interpersonal interaction. He added that in an age where technology continued to take over many aspects of people's lives, the professional qualities of a business would be the differentiating factor. In his opinion, the professionalism of their team has always been a pillar of Citi's wealth management services.

Paulus Mok, Citi Country Officer for Taiwan, said that global investments in the FinTech sector for 2015 totaled US$19 billion, up 10 times from 2010. Digitalization is not only a developing trend in the finance industry, but also an important development strategy for Citibank.

In Taiwan, about 50 percent of Citi customers conduct foreign exchange transactions through digital banking services. The proportion buying and selling stocks through digital banking services has also climbed to 75 percent. Such numbers show that a growing number of customers accept digital services.

In a bid to provide a good customer experience, Citi unveiled its Citigold Diversification Index (CDI) last year. The bank has been converting its branches around the island to smart banking, with the Chungcheng Branch in Taipei the Citi's 37th smart banking branch.

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