M.N. Rangaraj, senior country operations officer, Citibank Singapore, says technology innovation plays a key role in delivering banking services

Q. What are Citibank Singapore's IT priorities over the next 12 months?
Rangaraj: Citibank prides itself on being at the forefront of technology and innovation, and on providing a superior client experience. To this end, we have launched a series of "instant" services to allow banking with Citibank to be as fast and effortless for our customers as possible. Some examples launched over the last 12 to 18 months include instant approval and issuance of credit cards, instant account opening, in-principle approval of online mortgage applications within 60 seconds, and instant cash via a phone call for our Ready Credit customers. We also offer instant funds transfers and instant FX (foreign exchange).

Our customers value their time the most. So we are responding by using technology to eliminate any delays for them through a series of 'instant services' initiatives. More of such service innovations are in the pipeline as part of Citibank's commitment to provide customers with even more choices and flexibility, whether it is for their everyday banking needs or more complex banking transactions and requirements.

We will also focus on leveraging the Internet to deliver expanded and better services to our customers through simplified Internet-based account opening processes, expanded instantaneous funds transfer offerings, online video interaction, and so on. The identification of new technologies and opportunities to reduce total cost of ownership is another top priority. As broadband proliferates and communication technology costs drop, the aim will be to use these new technologies to reduce the cost of IT ownership and deliver better service to our customers at a lower cost.

One of our key strengths has been in the introduction of a wide range of innovative banking services through new and alternative channels, such as biometrics payments. More of such initiatives will be rolled out in coming months.

We are also growing our branches and distribution points at a rapid pace. Ensuring that technology keeps pace with this growth and supports the rapid rollout is a key consideration.

What are some of the key IT projects that have been trialed or implemented?
Over the past two years, the bank has had a tremendous increase in its distribution outlets where our customers can interact with the bank. Our customer touchpoints have effectively increased from five to 500 during this period. This rapid rollout has been achieved through breakthroughs in technology, design and implementation. About 80,000 new customer accounts have been opened in the past six months.

Citibank was a leader in extending biometrics technology to customers with the introduction of the world's first fingerprint authentication payment service, which lets its card customers pay for goods and services with a touch of their fingers. It has achieved significant customer traction within a year, as customers enjoy the convenience and added security this mode of payment offers.

What will be Citibank Singapore's biggest challenge and how do you plan to overcome it?
Citibank Singapore is rapidly growing in terms of number of customers, distribution outlets, automated teller machines, and so on. Building robust and scalable platforms that ensure a high level of service availability have stood us in good stead as the business continues its growth trajectory. We are investing in technology, enhancing our platforms, as well as resourcing and implementing a robust capacity plan.