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Citigroup creates instant credit facilities for customers in Singapore

Citibank has announced an overhaul of its consumer credit services in Singapore.

Citigroup’s Singapore retail banking operation is looking to speed up access to credit for those consumers who are urgently in need of access to funds. Applications for the bank’s Ready Credit service can be processed within the hour. Upon approval, customers will be able to immediately withdraw funds over the counter at any of Citibank’s branches.

Existing customers who draw on their Ready Credit facility will now be able to have their funds hand-delivered within three hours for a nominal handling fee.

These services are a continuation of the series of instant initiatives introduced by Citibank in a bid to provide customers with greater convenience in accessing the bank’s products and services. Recent services launched include instant issuance on credit cards and the new enhanced service standards on CitiPhone Banking, which aims to answer all calls within 15 seconds on average.

Anand Cavale, Citibank’s business director for credit payment products said, As the market leader, service excellence remains a top priority for us. We continue to challenge ourselves to look at new ways to address customer needs. Our customers have indicated a need for a quick, hassle-free application process, and the ‘instant’ services we are introducing today will further benefit our customers.

Citibank currently has more than 50% share of the unsecured credit line market in Singapore. More than half of its Ready Credit customers have been banking with Citibank for over five years.