Entering an Open Banking Era That Fosters a Customer-Centric Banking Landscape Through the IADS Pilot Program
HONG KONG SAR 17 July 2024 – Citi Hong Kong today announced the launch of Wealth 360, a pioneering digital wealth management feature on Citi Mobile® App, through the Interbank Account Data Sharing (IADS) pilot program introduced by the Hong Kong Monetary Authority (HKMA). This first-in-market feature gives Citi Mobile® App users real-time access to a range of enhanced wealth management functions, including interbank account overview, monthly cash flow reports, insights into personal spending habits, personalized financial insights, and carbon footprint overview. The feature is now rolling out to selected customer segments and will be gradually expanded to the entire customer base.
The benefits extend far beyond enhancing customer experience, our customers will also be equipped with the tools and insights they need to manage their finances. By fostering transparency and empowering customers, we co-create a more connected and personalized banking ecosystem. Introduced by the HKMA late last year, the IADS pilot program aims to promote digitalization within the banking sector through the sharing of customer account data among banks. Customers will be able to access information of their deposit accounts at other banks such as account status, balances and transaction details – all on one app.
Key Functions of Wealth 360[1]:
- Interbank Account Overview: Through Application Programming Interface (API), customers will have the option to link their deposit accounts at other banks on the Citi Mobile® App, allowing them to access account details including account availability, status, balance, and transactions.
- Personal Financial Management: Customers will be able to track their financial status real-time, including an overview of personal expenses that will be grouped into various spending categories.
- Personalized Financial Insights: Wealth 360 will provide personalized financial insights, such as spending pattern analysis based on customers’ spending habits.
- Carbon Footprint Overview: Customers can view their own carbon footprint as Wealth 360 will calculate the carbon emissions generated from their card spending, raising their awareness of carbon footprint and green spending and contributing to individual responsibility in environmental protection.
Sarah O, Head of Digital Growth at Citibank Hong Kong, shared, ” By harnessing the transformative power of Open Banking, Wealth 360 empowers our customers to have a holistic overview of their wealth portfolio and take charge of their financial well-being. With that in mind, Citi has been striving to elevate our customers’ digital experience with a more streamlined and personalized digital platform and services that address their needs. This is why we are delighted to be one of the first retail banks in Hong Kong to participate in the IADS pilot program. At the forefront of digital innovation, Citi is also one of the first banks in Hong Kong to have participated in the HKMA’s Open API Framework in 2017, leveraging cross-sector collaboration to provide a wide range of technology-driven banking services. This echoes our proactive approach to driving fintech development as well as ongoing effort in the innovation of digital services to better serve the evolving needs of our customers.”
Carbon Footprint Tracking Feature: Encouraging green spending to combat climate change
Wealth 360 is a new Citi Mobile® App feature that not only offers access to information of accounts at other banks, but also insights into customers’ own carbon footprint, allowing them to view their own carbon emissions generated in different spending categories, covering both credit card transactions and spending activities across savings accounts.
The “Carbon Footprint” displayed on the dashboard is calculated based on customers’ spending amounts and the average carbon emissions associated with each merchant in the respective spending category. Wealth 360 will then assess the potential impact on the climate and to encourage green spending in an effort to combat climate change.
Echoing our Commitment to achieve net zero greenhouse gas emissions by 2050, Citi strives on assisting clients and stakeholders in their low-carbon transitions. The information on green spending help ensures customers’ needs and living conditions can be maintained without causing social, economic, and environmental disruptions, hence safeguarding our planet for the future generation.
