Citi Hong Kong has launched a digital wealth management feature on its mobile app through the Interbank Account Data Sharing (IADS) pilot programme.

Called Wealth 360, the first-in-market feature gives Citi Mobile® App users real-time access to a range of enhanced wealth management functions, including interbank account overview, monthly cash flow reports, insights into personal spending habits, personalized financial insights, and carbon footprint overview.

The feature is being rolled out to selected customer segments and will be gradually expanded to the entire customer base.

Introduced by the Hong Kong Monetary Authority (HKMA) late last year, the IADS pilot programme aims to promote digitalization within the banking sector through the sharing of customer account data among banks.

Customers will be able to access information of their deposit accounts at other banks such as account status, balances and transaction details – all on one app.

Through application programming interface (API), customers will have the option to link their deposit accounts at other banks on the Citi Mobile® App, allowing them to access account details including account availability, status, balance, and transactions.

Customers will be able to track their financial status in real time, including an overview of personal expenses that will be grouped into various spending categories.

Spending habits

Wealth 360 will also provide personalized financial insights, such as spending pattern analysis based on customers' spending habits.

The function likewise calculates the carbon emissions generated from their card spending, raising their awareness of carbon footprint and green spending and contributing to individual responsibility in environmental protection.

“By harnessing the transformative power of Open Banking, Wealth 360 empowers our customers to have a holistic overview of their wealth portfolio and take charge of their financial well-being,” says Sarah O, head of digital growth at Citibank Hong Kong. “With that in mind, Citi has been striving to elevate our customers' digital experience with a more streamlined and personalized digital platform and services that address their needs.”

Citi is one of the first retail banks in Hong Kong to participate in the IADS pilot programme. It is also one of the first banks in Hong Kong to have participated in the HKMA's Open API Framework in 2017, leveraging cross-sector collaboration to provide a wide range of technology-driven banking services.

“This echoes our proactive approach to driving fintech development as well as ongoing effort in the innovation of digital services to better serve the evolving needs of our customers," she adds.