Citigroup Inc (NYSE:C) has lately been making plans to give its wealth management assets in South Korea a major lift as has been confirmed by some inside sources. In line with its numerous strategies will be the making of some major investments as well as the setting up new offices to help draw a lot of customers to the company.
Most of the global wealth managers have at the moment shifted their focus to Asia. The emerging market is currently showcasing a high economic growth rate which is something any objective investor dreams of. The associated thriving entrepreneurial ecosystem has gone a long way towards producing high level clients at a faster rate in relation to the countries in the west.
The U.S.-based Citi lately marked its 50th anniversary in South Korea and it took the moment to make clear its plan to give its current target customer base in wealth management a major lift which would spike up by about 50 percent by the end of 2020 with new offices in Bundang, Seoul and Dogok.
The high end bank which boasts of close to 3 million consumer banking clients in South Korea has made public the plan underway in which it hopes to take the consumer banking deposits a notch higher. It has lately been investing much in terms of resources towards spiking up technological investments.
According to some top company analysts, the number of clients visiting the various branches has declined significantly .As a matter of fact; this comes as a “wake up” call for the company and there is great need for it to make a positive response to the changing preferences.
Of course it needs to start from somewhere and in this particular instance, it would be fine if it started by appointing a team to delve into investigating digitization. That would as a matter of fact help it deliver better services to its customers during any instance they need to bank with the institution.
By 2020, Citi hopes it will have reached its target where it will be able to acquire about 80 percent of the new credit card purchases through the various digital platforms.