Citi Bank in El Salvador to Become First Exclusively Digital Bank
As Citi Bank in El Salvador celebrates 60 years of operation this week, it is on the brink of achieving a significant milestone. The entity will transition to a purely digital operation, making it the first exclusively digital bank in the country. This means that all physical tools, including cash, checks, and service windows, will be eliminated from its procedures.
Ana Cristina López, Citi’s country officer in El Salvador, views this transition as a logical step in the bank’s evolution. Citi primarily serves corporate clients, particularly those with transnational operations. López explains that 95% of the bank’s operations were already digital, making this move towards a fully digital operation a natural progression.
The decision to go digital was also influenced by the Covid-19 pandemic, which demonstrated that operations could be carried out effectively without the need for physical tools. Moving forward, clients will still have access to their accounts, but transactions involving cash withdrawals or check payments will no longer be available. Instead, clients can utilize the bank’s expanded network and existing interbank connectivity channels in the country.
Citi Bank in El Salvador serves multinational companies, the public sector, conventional banks, and conglomerates with regional operations. Its focus on providing global solutions to clients with international operations sets it apart as a transnational specialist. The bank offers automated solutions for currency exchange, payments, and collections across multiple countries.
Furthermore, Citi functions as an advisory bank, offering tailored solutions to help clients achieve their financial goals. With a global operation, Citi has the capacity to structure large transactions and provide liquidity solutions such as Trade Working Capital Finance.
The transition to a purely digital operation aligns with Citi’s commitment to innovation and efficiency in serving its corporate clients. López expresses pride in the bank’s ability to provide these services from El Salvador and credits the dedicated team at Citi for their success in delivering global financial solutions.
As Citi Bank in El Salvador embraces a digital future, it sets a new standard for banking operations in the country and reaffirms its position as a leading provider of corporate financial services.