Citibank to Close Last Branch in Singapore: What You Need to Know
In a strategic move to adapt to the changing landscape of banking, Citibank will be closing its last branch in Singapore on Oct 12, focusing instead on providing online services and personalized advice at its wealth hubs. Here’s everything you need to know about this transition:
Why is Citibank Closing its Last Branch?
- Higher adoption of digital and online banking platforms
- Shift towards self-service banking activities
What Services Will No Longer be Available at the Jurong East Branch?
- Automated teller machines
- Cash deposit machines
- Express cheque deposit services
What Can Customers Expect Moving Forward?
- Nearly all daily transactions can be done on the Citi Mobile App
- In-person services available at wealth centres include:
- Opening and closure of joint and junior accounts
- Closure of accounts for the deceased
- Client attestation for lasting power of attorney
What are Citibank’s Wealth Hubs and Who Do They Cater To?
- Three wealth centres in Singapore cater to Citigold clients with assets of at least $250,000 and Citigold Private Client customers with investible assets of $1.5 million
- Provide personalized services and access to product specialists
What are Citibank’s Future Plans in Singapore?
- Intensifying efforts to grow its wealth business
- Tripling assets under management and increasing wealth client base by 2½ times by 2025
How Does Citibank’s Closure of Its Last Branch Impact Customers?
- More focus on digital banking and personalized wealth management services
- Convenience and accessibility for clients with higher investment assets
- Continued commitment to serving customers through evolving banking strategies
In conclusion, Citibank’s decision to close its last branch in Singapore reflects a broader trend in the banking industry towards digitalization and personalized wealth management services. This move highlights the importance of adapting to changing consumer preferences and the increasing role of technology in shaping the future of banking. As customers, it is essential to stay informed about these developments to make informed decisions about our financial future and to leverage the benefits of evolving banking services.