Citi introduces online credit card application and approval system

“What are those people doing in [the bank]? Are they cleaning? The money’s out here.”

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In his comedy special Hilarious, Louis CK talks about how ATMs rendered brick-and-mortar banks obsolete. It won’t be a surprise if the most time people see the inside of a bank is in robbery movies.

With digital banking, the case against brick-and-mortar banks is stacking up. The convenience of online banking is shifting customers away from banks into FinTech apps. In fact, as of 2015, more than half of bank customers prefer doing their business digitally through their mobile phones or laptops, according to a survey by Gallup.com.

In light of developing trends, Citi Philippines is introducing a new way to handle your finances. To aid in their drive to become the country’s leading online bank, Citi is now the first bank to implement online credit card application and approval.

“We were one of the first banks to launch an online presence and also one of the pioneers in attracting customers through our website,” says David Stoughton, Director for Credit Payment Products. “At that time we were only capturing the information online when they apply, but the processing still takes place offline including the credit review. With this latest service, we are excited to break new ground for the industry and deliver another innovation for the Filipino consumer.”

Whereas other banks accept online applications but still require print-outs and trips to the bank, Citi has developed a system that doesn’t need a single scrap of paper. Potential customers can now apply and be approved for a credit card in the comforts of their own home. All it takes is a mobile phone and a scanned softcopy of required documents.

Within minutes, customers will know if they’ve been conditionally approved by the system. Approved customers can immediately start shopping. Meanwhile, Citi employees will go over application forms again to make sure everything is in order. Within five to seven days, approved applicants will receive their physical Citi credit card.

Further, Citi has digitized its rewards system for applicants. Previously, applicants who signed up through mall booths receive free merchandise like umbrellas and pins when they registered. From now until April 30, applicants who completed an application form online can redeem an Auntie Ann’s pretzel and iced tea. Also, customers who purchase goods worth P20,000 or more within 60 days of their approval can redeem a Fitbit Charge 2 fitness wristband worth around P8,000.

After application, Citi credit card holders are eligible to redeem promos from Citi’s rapidly expanding array of digital partnerships. Among this multitude of partnerships, Amazon headlines the pack with discounts and free shipping. Citi will also the first bank in the Philippines wherein users can pay for Amazon purchases with Rewards Points.

Citi’s other partners in the country include: Booky, an offline restaurant finder; Zennya, the world’s first spa-on-demand app; Lazada, the e-commerce giant; and, Grab, a ride-sharing app.

At the moment, Citi’s ongoing promotions also include travel sites like Asiatravel (12% off on hotel bookings until June 30, 2017); Agoda (10% off on hotel accommodations all year round); Expedia (8% off until October 2017); and, Airbnb (P1,800 off on your first stay until November 15, 2017).

Finally, shoppers can avail of exclusive discounts when shopping with Citi online including: POBox.ph (15% off until March 31, 2017); Shipping Cart (15% off on shipping until July 31); Zalora (12% off all year round); Galleon.ph (10% off until July 31); and, Island Rose (10% off year-long).