Citi Commercial Bank (‘CCB’) has taken steps to enhance its lending capabilities for mid-sized corporates by offering a streamlined digital experience. This transformation of CCB’s existing credit processes will improve ease of use for global clients while accelerating turnaround times and enhancing the overall client experience.

The changes are part of CCB’s ongoing strategic focus to increase its pace of digitalization. CCB clients will now experience a digitally-native lending process through the CitiDirect® Commercial Banking platform. The updated platform incorporates client feedback, provides a user-centric development approach and leverages insights from other Citi businesses.

“These enhancements support our commercial banking clients by offering quicker, more efficient and tech-led financing options to meet their capital needs,” said Tasnim Ghiawadwala, Head of Citi Commercial Bank. “Many CCB clients are fast-growing companies, and this improved lending experience is consistent with how they operate their own businesses.”

Key enhancements include:

• Digital Credit Application: Streamlining the intake and processing of new money requests for both Clients and Bankers.
  • Clients benefit from:
    • Easy provision of financials based on a clear and codified list of requirements
    • End-to-end status updates
    • Electronic contract signatures, wherever legally approved
  • The Digital Credit Application is available for a wide array of credit products, including revolving credit, term loans, commercial cards and letters of credit.
  • The Digital Credit Application can be used for products of an amount up to $10M;
    • If a client is approved based on business-as-usual credit requirements, clients receive approval to their request in an average of 15 business days and funds are disbursed in an average of 30 business days.
• Automated Self-Service Credit Management Process for existing borrowing relationships.
  • Will enhance Citi Commercial Bank’s ongoing credit management processes, including covenant monitoring and annual reviews.
  • Clients benefit from an automated schedule for the provision of ongoing financial reporting requirements as listed in their credit agreement, which they can provide with a one-click upload or by directly and securely connecting their ERP or accounting platform for a seamless push of data, powered by Validis.
  • Information is then automatically shared with the bankers and underwriters and trackable in a new 360˚ internal deal management tool for efficient automated monitoring of turnaround times.

These capabilities are live in the U.S., Canada, India, Singapore, Hong Kong and Brazil. Approximately 20% of CCB clients across those markets are using our digital lending capabilities.

“The continued roll out of these new digital lending capabilities to new geographies remains a key priority for Citi Commercial Bank,” said Colm Donnelly, Head of Digital Lending Transformation and Partnerships for Citi Commercial Bank. “Digitally enhancing our client experience ensures we offer rapid support for common needs. We consistently explore ways to leverage innovative technology including artificial intelligence powered tools to increase automation and provide credit products in a quicker and simpler manner.”