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Citibank is planning to scale up its digital footprint in India while retaining the current branch network.
“India represents a phenomenal growth opportunity,” said Stephen Bird, CEO, Global Consumer Banking, Citi, adding that globally it has already embarked on a journey of a light physical footprint.
He pointed out that the bank has only 2,400 branches globally. “We are trying to find a way to reach unprecedented digital scale in India,” he told reporters, adding that one way of doing it is the partnership with Paytm and the launch of the Paytm First credit card.
Shinjini Kumar, Country Business Manager, Global Consumer Bank, Citi India, said the bank will be looking at more digital partnerships.
“We will look at different types of digital partnerships. They will not be the same like with Paytm. So, this year, we will be rolling it out,” she told BusinessLine .
Noting that digital is the big story in the consumer banking segment, Kumar further said: “What we are going to be doing and you will see it coming up gradually is to follow the customer. Low branch footprint, grow digital, but when you grow digital, you can grow organically and in partnerships,” she said, adding that the branch network is optimal and the bank will not be considering reducing branches due to its digital focus.
Citi India’s global consumer bank offers all consumer banking services and products, including salary accounts, except for auto loans.
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