It is undeniable that the digital trend plays a significant role in transforming the business sector, including banking, where competition for customers, especially high-net-worth investors, is intensifying. This has prompted banks to enhance their services by leveraging technology for customer convenience. Recently, CitiBank launched the "CitiGold Wealth Center" at The Crystal Veranda shopping center, marking Thailand's first cashless bank branch focused on investment management services.

            Ms. Veeranon Jiranakorn Phutrakul, Executive Vice President of CitiBank Thailand's Wealth Management Division, stated that the "CitiGold Wealth Center" will revolutionize banking branches in Thailand, as bank staff will transition to investment advisors providing services in a digital format. This includes money transfers via PromptPay and offering over 30 foreign funds, allowing customers direct access to global asset management companies.

At this branch, there will be no cash handling; customers can deposit and withdraw money using automated machines, including ATMs and CDMs located within the branch. Additionally, it features a Total Wealth Advisor system and goal-based financial planning tools that help analyze and tailor investment portfolios to meet customer needs, along with the Citi Fund Explorer system to evaluate the performance and historical prices of each fund.

 

Currently, CitiBank offers services under its Wealth Management division to two groups of investor clients: Citi Priority, for clients with assets ranging from 1 million to 5 million baht, and Citigold, for high-net-worth clients with assets starting from 5 million baht.

Mr. Don Jarnsupharin, Assistant Executive Vice President of CitiBank's Wealth Management Division, mentioned that the Bank of Thailand (BoT) has relaxed regulations to facilitate Thai investors in sending money for investments in foreign securities more conveniently. The goal is to increase the customer base in the Citigold segment by over 40% by 2017, compared to a previous growth rate of only 8-9% per year, with a target to double this by 2020. The strategy to penetrate the high-net-worth investor market is expected to significantly increase net investments and assets under management (AUM) by more than 100% in 2020.

Currently, Citi manages approximately $218 billion across the Asia-Pacific region, with Thailand being one of the top countries for high-potential investors. Recent data shows that over 30-40% of new investments from Citigold clients each month are directed towards foreign funds, aligning with CitiBank's strengths as a consultant and expert providing investment options to investors worldwide.