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The world’s best digital bank 2022: Citi

New layers on strong foundations have built enduring success in digital for the US firm.

As ever, the world's best digital bank was a fiercely contested award. In the end it came down to a shortlist of three US banks. But it was Citi that won by dint of the sheer range of its digital services and its ability to innovate furiously as it anticipates the needs of clients.

‘Digital’ as a creative concept and as an engine to drive income is integral to everything that Citi is and does. On March 2, 2022, at the bank’s first investor day in nearly five years, chief executive Jane Fraser called it a “digital-first” bank, laying the groundwork for success by investing in technology and digital client solutions.

Last year, Citi spent $10 billion on technology. In 2022, that number will grow to $11 billion, up 30% in two years, with digital headcount on track to grow just as fast. It now employs 30,000 software engineers, more than many leading tech companies. As Fraser noted in March, this is central to its plans to build a “simpler and better-controlled bank, with an operating model design for the scale and the speed of the digital age.”

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