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Miami, Florida—Citi Latin America was named winner of the 2014 Bank Innovation Award in the 2014 Bank Innovation conference on March 4 at Seattle, Washington for its Citi Mobile Collect solution. These awards recognise financial service companies that went beyond the obvious to produce great financial results or innovations, either in product, method, message or means.
Citi Mobile Collect, introduced in the Dominican Republic last year and also available in India, China, and South Korea, is a payment solution that makes it possible for typically unbanked small grocery stores and other businesses to replace cash payments to their providers with mobile transactions.
The technology, exclusively for Citi corporate clients, was introduced through a strategic partnership with GCS Systems, a local mobile payment administrator. In collaboration with Banco ADOPEM, a leading microfinance institution and a long-time Citi partner, Citi Mobile Collect allows small businesses that are not yet part of the banking system to open an account at Banco ADOPEM and perform more secure and convenient business transactions.
“Citi is always looking for ways to maximise its talent, international experience and innovative technology applications to offer solutions to its clients’ needs in all of the markets where it operates. This award was only possible thanks to our valued clients and to our team’s commitment to contribute to community well-being and economic development via greater financial inclusion, which is a key component of our strategy.” commented Jorge Ruiz, Citi’s Digital Banking Head for Latin America.
Bank Innovation is an annual forum for bankers looking for creative strategies for customer acquisition and retention. The event brings together the disparate communities within banking that influence the customer experience—bankers, entrepreneurs and service providers—for meaningful dialogue about how to coalesce disparate banking channels into holistic offerings for consumers to improve the overall customer experience.
“This is our second annual Bank Innovation Awards, and like in our inaugural year, our 2014 winners exemplify the best of this dynamic industry,” said JJ Hornblass, Executive Editor of the Bank Innovation blog and Chairman of Bank Innovation 2014. “We offer our hearty congratulations to all the 2014 winners.”