Latin America’s best bank for transaction services 2021: Citi
In 2020 Citi added 11 new countries in Latin America to its digital onboarding platform, which now stands at 47 countries globally. Its global platform enables the US bank to provide unrivalled geographical breadth in its digitization efforts. Not only can the bank be more efficient itself – rolling out central innovations globally – but it also enables its multinational client list to embrace digital banking in most of the markets in which it operates.
In Latin America Citi is physically present in 21 countries – nearly double the number of any other bank – and in the past four years it has increased its market share in transaction services by four percentage points to 20%.
Citi’s transaction services in the region, led by Steve Donovan, have proven hugely popular, which is probably not a surprise given the rising need to work remotely. Also, the digital services, which have cut account opening times to 48 hours, help Citi’s clients by enabling the onboarding of their suppliers.