Citibank aims to target 16 million households in India; launches Citibanking
Basis McKinsey India estimates, the emerging affluent segment in India constitutes of 16 million households with 37% in the top 14 cities - Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Nagpur, Surat, Baroda, Ahmedabad, Visakhapatnam, Chandigarh and Kochi. This segment primarily consists of salaried professionals and also includes 35-40% of self employed individuals, with an annual income ranging from INR 300,000 to INR 1,500,000. The segment is expected to grow at a CAGR of 9%, while the revenue pool currently at INR 25,000 crore (USD 5 billion), is expected to grow at a CAGR of 16%.
On the occasion of the launch of Citibanking, Anand Selva, Country Business Manager, Global Consumer Group, Citi India said, "We are delighted to launch a market first value proposition for emerging affluent consumers in India. The Citibanking offering, created through extensive research, demonstrates our commitment to address the increasingly changing needs of this segment. With this launch, we have personalized and customised offerings for our customers across the wealth continuum - starting with salaried accounts (Suvidha); the newly defined emerging affluent (Citibanking), the affluent (Citigold), the high net worth individuals (Citigold Select) and the ultra high net worth individuals (Citi Private Bank)"
"We are focused on executing our segment-led strategy to grow our retail banking franchise in India in the areas of cards, payment solutions, wealth management, mortgages and unsecured loans. We aim to set new benchmarks with strong value propositions with the launch of innovative products & services, to meet the aspirations of our customers", concluded Anand.
Announcing the launch of Citibanking, Sandeep Bhalla, Head-Retail Banking, Citi India said; "We conducted an in-depth research to identify the specific banking needs of the emerging affluent, a segment that has significantly grown over the last decade. Consumers in this segment embrace technology in every aspect of their lives and are increasingly leading a global lifestyle. Waiting is no longer an option. They want a bank that values their time, offers world-class digital banking services and supports their global banking and investing needs. Citibanking seeks to deliver all of these and make banking convenient. It's time to Rethink Banking."
Citibanking was thoughtfully developed with customer feedback from an extensive survey of 8,000 emerging affluent individuals across seven Asia Pacific markets (India, Hong Kong, Singapore, Indonesia, Taiwan, Malaysia and Korea).
In India, 2000 respondents were interviewed by TNS Global, across 6 major cities, which revealed some interesting insights about Emerging Affluent clients. Emerging Affluent clients are:
· Leading increasingly busy lives, and expect more convenience from their bank:
74% do not wish to provide documentation again for getting another product with the bank
· Increasingly adopting new technologies and seeking the best digital banking services:
67% prefer not to go to a bank branch for their banking needs
74% want an experienced and knowledgeable financial advisor
73% want access to online tools and information that helps them in making their financial decisions
· Increasingly global in their outlook:
77% take between 1-3 leisure trips every year and 37% travel abroad at least once a year
Share
Facebook
YouTube
Tweet
Twitter
LinkedIn