Citibank has launched a new retail banking proposition for consumers in India, ?Citibanking?. It will offer ?unprecedented global access? and increased convenience and connectivity for the retail customers by providing a different perspective on everyday banking needs.

Designed for customers who are upwardly mobile and maintain a relationship value of a minimum R200,000 deposits with the bank, the aim is to target 16 million households through India .

An estimate by Basis McKinsey India says of the targeted affluent segment, 37% is located in the top 14 cities ? Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Nagpur, Surat, Baroda, Ahmedabad, Visakhapatnam, Chandigarh and Kochi.

This segment primarily consists of salaried professionals and also includes 35-40% of self employed individuals, with an annual income ranging from R300,000 to R1,500,000. The segment is expected to grow at a CAGR of 9%, while the revenue pool currently at R25,000 crore is expected to grow at a CAGR of 16%.

On the occasion of the launch of Citibanking, Anand Selva, country business manager (Global Consumer Group), Citi India, said, ?We are delighted to launch a market first value proposition for emerging affluent consumers in India. The Citibanking offering, created through extensive research, demonstrates our commitment to address the increasingly changing needs of this segment. With this launch, we have personalised and customised offerings for our customers across the wealth continuum ? starting with salaried accounts (Suvidha); the newly defined emerging affluent (Citibanking), the affluent (Citigold), the high net worth individuals (Citigold Select) and the ultra high net worth individuals (Citi Private Bank).?

?We are focused on executing our segment-led strategy to grow our retail banking franchise in India in the areas of cards, payment solutions, wealth management, mortgages and unsecured loans. We aim to set new benchmarks with strong value propositions with the launch of innovative products & services, to meet the aspirations of our customers,? concluded Anand.

Announcing the launch of Citibanking, Sandeep Bhalla, head (Retail Banking), Citi India, said; ?We conducted an in-depth research to identify the specific banking needs of the emerging affluent, a segment that has significantly grown over the last decade. Consumers in this segment embrace technology in every aspect of their lives and are increasingly leading a global lifestyle. Waiting is no longer an option. They want a bank that values their time, offers world-class digital banking services and supports their global banking and investing needs. Citibanking seeks to deliver all of these and make banking convenient. It?s time to Rethink Banking.?

Some of the results of the survey is the customers expect more convenience from their bank. 75% want a bank that never makes them wait while 74% do not wish to provide documentation again for getting another product with the bank.

The customers also look for a bank with the best online services as they do not want to go to a bank branch for their banking needs. They also want an experienced and knowledgeable financial advisor to help plan for their future, e.g. retirement, child?s education and so on.