Business

Citi wants to be fully digital in Brazil

The second largest foreign bank in the country wants to be the best experience in the country for high-income customers and fintechs themselves

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  • Geared toward businesses–including the fintechs themselves–and wealthy customers, aims to be a 100% digital bank;
  • According to Valor, Citi Brazil has become the fifth largest wholesale Citi operation in the world.

In an interview with the Brazilian newspaper Valor Econômico, Indian Tapodyuti Bose, Citi’s global head of digital channels, and digital channel executive Driss Temsamani, said digitization is the only way for banks to survive in the current context of competition with fintechs. 

Geared toward businesses–including the fintechs themselves–and wealthy customers, aims to be a 100% digital bank.

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“We want to be what our customers want us to be. And the traditional banking model no longer offers the experience customers want,” Temsamani said. In the case of wholesale banks, fintechs are not only competitors or partner companies, but also customers. That is, there is one more reason to digitize the processes. “Citi wants to be the bank of these digital born companies,” said Bose.

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Citi is the second largest foreign bank in the country, behind Santander Brazil, and has BRL 79 billion in assets. Also according to Valor, Citi Brazil has become the fifth largest wholesale Citi operation in the world. In the first semester of the year, the bank’s net profit in Brazil rose 19.6% over the same period last year and closed at BRL 706 million.