Citi Innovation Lab Wins Prestigious National Infocomm Award 2012
The award is a testament to Citi’s continued commitment to leveraging technology and innovation to develop banking solutions for clients
Singapore - October 24, 2012 – Citi Transaction Services (CTS) is proud to announce it has been awarded the prestigious National Infocomm Award (NIA). Citi Innovation Lab won the category for “Most Innovative Use of Infocomm Technology, Private Sector (General)” for its Citi Interactive Solutions software. The award, jointly organized by the Infocomm Development Authority of Singapore (IDA) and the Singapore infocomm Technology Federation (SiTF), is Singapore's highest accolade for infocomm innovation.
Launched in December 2011, Citi Innovation Lab leverages new web, mobile, supply chain and analytics technologies to engage Citi’s institutional clients more innovatively to create the most effective solutions and products for them. In the Lab, clients can “test drive” Citi’s latest transaction banking solutions through live demonstrations with situation analysis and discussions with CTS’ product experts.
Citi’s Interactive Solutions is proprietary software that provides a fully interactive approach to customizing highly complex solutions for its clients. In a typical session, the platform instantaneously addresses client queries, provides visualization of the client’s portfolios, allows benchmarking and showcases the best-in-class solutions based on the client’s tailored preferences. Leveraging gesture-based interactions and engaging graphics, the software provides a new client experience never seen before in transaction banking and clearly differentiates Citi as an innovator in the development of banking solutions.
“We are very proud and honored to have won this award. Citi Innovation Lab in Singapore was established in December 2011 and is the first of its kind for a bank in Asia Pacific. Singapore is the ideal location for the Lab because of its global talent, state-of-the art infrastructure, pro-business environment, high-tech efficiency and emphasis on innovation,” said Michael Zink, Citi's Head of ASEAN and Country Officer for Singapore. He added, “At Citi, technology is a priority theme that defines our overall strategy. Receiving this prestigious award reassures that we are doing things right. As we head into the future, we will continue to anticipate advancements in technology to deliver differentiated value to our clients.”
Amol Gupte, Region Head, Asia Pacific, Citi Transaction Services, continued, “Citi Innovation Lab creates an interactive environment for us to jointly develop ideas with our clients, global colleagues and experts in this industry. The interactive platform that we have launched allows treasurers and CFOs to visualize their global portfolios, benchmark their treasury management health and find best-in-class solutions tailored to their preferences in real time, which is crucial in today’s information age. Using relevant client data and our unique algorithms, a working solution that used to take days and weeks to create can now be structured within minutes using our innovative proprietary software.”
Citi Innovation Lab is the driving force for the growth of the CTS business. Two additional Labs are located in San Francisco and Dublin. Each venue is dedicated to the synthesis of new ideas, rapid prototyping, collaborations with clients, and developing ideas into new products and services that transform transaction banking.
More than a dozen ideas are currently being pursued in collaboration with Citi’s clients including intelligent cash forecasting, working capital optimization, instant information transmission using mobile technologies, new economy payment models, digital identity, user experience transformation and initiatives around big data and predictive analytics.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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About Citi Transaction Services
Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.