Photograph of Citibank's new store

Citibank has launched a
smartbank flagship store in New York, featuring state-of-the-art
technology, including touch screen sales walls and
video-conferencing facilities.

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The bank said that the new
9,700 sq ft branch on Broadway redefines its retail banking
strategy in the US.

It features six interactive
sales and other media walls, enhanced image ATMs, free online
access and Wi-Fi for customers, 24 hours access seven days a week
and customer service experts who will assist customers via
video-link.

There will also be a private
lounge area for Citigold customers, Citi’s premium banking
service.

The bank said that there will
be “highly-trained” staff who will serve all client segments,
including Citi’s main target group, the mass affluent segment and
mortgage customers.

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Citi plans to follow this
launch with additional flagship branches in other key markets in
the US.

“The new branch reflects our
strategy to invest in retail banking with a focus on
customer-centric innovations and an eye towards growth in our key
markets,” said Manuel Medina-Mora, CEO Citi Consumer Banking for
the Americas.

“Drawing on smart banking
technologies and best practices developed by Citi in Asia, and
located in the heart of New York City, the new flagship branch
demonstrates that we are a global bank with deep roots in the
communities we serve,” said Medina-Mora.

Citi has already launched
such a store in Japan and in April this year, talked of opening 100
such stores around the world.

Citi’s retail store concept
follows similar launches by Royal Bank of Canada, BNP Paribas in
France, (see page 15), Barclays in the UK and Deutsche Bank in
Germany.

Citi’s flagship store has six
interactive sales walls which allows customers to browse
information on Citi’s products and services.

In particular, the store
offers:

  • Enhanced image ATMs that
    eliminate the need for envelopes when making cash or check
    deposits;
  • Free online access and
    Wi-Fi;
  • 24/7 access, from the ATM
    lobby, to customer service experts via video-assist;
  • Media walls that allow
    customers inside the branch and pedestrians on the street to view
    information about Citi, live market updates, global and domestic
    news, and local weather and time;
  • Access to global experts via
    private two-way video conferencing;
  • A private seating lounge for
    Citigold customers, Citi’s premium banking service;
  • A foreign-exchange window
    offering eight of the most popular international currencies;
    and
  • Beginning early 2011, regular financial seminars on
    investing, buying a home, estate planning, retirement planning and
    more.