Citibank has announced that it is rolling out Citi Plus, its Hong Kong project which it recently brought out of beta, according to a press release. The company touts the project as a new way to get people into digital banking.
The release stated Citi Plus users will have access to personalized wealth management information “to accumulate their wealth and earn more through accomplishing fun tasks.”
Citi Plus, according to the release, offers a number of investment products, such as stocks, money market funds and some mutual funds, primarily from Aberdeen Standard Investments, Allianz Global Investors and Franklin Templeton.
The Citi Plus model will focus on a series of applications involving financial wellness, with the goal of educating clients on how they’re thinking when it comes to managing money, building wealth and making goals, the release stated.
One of the applications, Wealth Smart, works as a financial literacy guide with courses, quizzes and “bite-sized” content. Another, Wealth Digest, works with articles and insights on wealth, which are “updated continually,” according to the release. The Money Goal application allows users to define financial objectives and track progress.
Citi Plus will offer new ways for users to earn bonus interest and get into trading stocks and investing in mutual funds, according to the release.
“Citibank Hong Kong has shown strong determination in the development of digital banking in recent years,” Citibank Hong Kong Consumer Business Manager Lawrence Lam said in the release. “Citi Plus is our latest initiative to bring digital natives a banking experience they admire. Millennials were invited to participate in research and the co-creation process, through which we could better address target clients’ pain points and help them grow their wealth via the new service.”
PYMNTS reported last year that financial literacy likely needs some improvements, as a survey form GoBankingRates only found 49 out of 2,001 answering at least 5 out of the 6 questions right.
PYMNTS also found that six out of 10 consumers surveyed by its own questions were living paycheck to paycheck around the same time, which was compounded by the pandemic.
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