Behind Citibank SG's multi-million dollar marketing push for its digital wealth solution

Citibank Singapore has launched Citi Plus, an all-in-one digital wealth solution, in Singapore. Catered mainly to the growing emerging affluent population in Singapore, Citi Plus is a wealth proposition delivered through the Citi Mobile App. To stir up buzz, it partnered with local comedian Rishi Budhrani for two 30-second films pre-launch which parodied "Get Rich Quick" ads. The ads delivered the message that there were no shortcuts to wealth, but that there is a way to do it - with the bank that knows wealth.

These teaser films were rolled out on social and digital channels and complemented with a partnership with Seedly, the personal finance community platform and the use of relatable KOLs. They included Xiao Ming from SGAG, Aiken Chia, Cheryl Wee, Christabel Chua, and Joanna Lim who helped amplify its theme of getting ahead in wealth with the bank that knows wealth. 

The films are part of its full-funnel integrated campaign that launched with a series of teaser assets. Thereafter, Citibank hosted a one-day official launch event at Ngee Ann City Civic Plaza last month to showcase the key features of Citi Plus using popular arcade games such as claw machines and basketball hoops machines. The event was headlined by Budhrani as well as Benjamin Kheng and Xiao Ming. 

Following the launch, Citibank rolled out a "Get Ahead With The Bank That Knows Wealth" campaign which included a brand film and high visibility and high impact buys which included bus wraps, OOH placements, and digital channels takeover sites to introduce Citi Plus and showcase the key propositions. MullenLowe, Spark Foundry, 360 Communications, Bray Leino Splash and Concept Alliance Asia were involved in the multi-million dollar campaign which runs until 31 October.

Mylene Ong, head of digital sales and marketing, Citibank Singapore, told MARKETING-INTERACTIVE that the creative idea is underpinned by the that the emerging affluent, whom Citibank termed as “Early Arrivers”, are at a stage in life where they want to do more with their money – and may indeed have started investing or getting insured through various channels. But rather than “fumbling and stumbling” on their own, they would appreciate being guided on their wealth journey by a credible partner. 

The bank believes in the power of starting early with proper wealth management and making available the right kind of resources and insights to help people manage their wealth holistically and get ahead in their wealth journey. "We wanted to create an emotional connection that felt timely, refreshing, relevant and reassuring. By using humour in our storytelling, we want our target audience to connect with the bank on a more human level and to see us as an ally rather than another financial institution,” Ong explained.

Hence, it chose Budhrani as the team is in awe of his natural talent as a storyteller and flair for performance. Ong said that being able to successfully chart his own path at a young age should also serve as an inspiration to young Singaporeans. She added the other KOLs were chosen based on two factors - they were of the emerging affluent profile/demographic and relatable to Citibank Singapore’s audiences in their aspirations and life stages.

"We are focused on communicating the value propositions we offer to our clients that we bank from Citi Plus to Citigold to Citigold Private Client segments. Our campaigns will continue to build brand affinity around these segments as well as feature the holistic wealth offering we bring to clients as their trusted wealth partners," she said.

Ong joined the team last December from Mastercard where she was previously director of communications for Southeast Asia. She took over Luke Tucker who now oversees marketing for APAC and EMEA. When asked about Citibank Singapore's marketing plans for 2023, she said next year will be a year where it doubles down on connecting with people on an emotional level, getting them to open up and talk about their definition of true wealth.

Citing its Citigold's True Worth campaign as an example, Ong said the campaign encourages people to stop and consider the invaluable. "We are witnessing strong headwinds as the year closes and recession risks loom ahead. Across the globe, people are still adjusting to the rising inflation and interest rates, energy crisis and geo-political unrest. While no one can tell definitely how the economy would pan out, there is one truth that remains absolute; there are many things in life that money simply can’t buy," she added.

At the same time, Citibank is also focused on communicating the convenience, security and capabilities of its digital banking platforms as well as leading credit card value propositions, Ong added. Citi Plus offers a whole suite of digital banking tools designed to help customers save, spend, invest, get insured and build their wealth-related literacy. These tools include a Citi Interest Booster Account offering customers up to 2.8% interest per annum if they meet certain criteria, as well as a digital wealth platform specially designed to help customers to manage money, build wealth and achieve financial goals.

Brendan Carney, CEO of Citibank Singapore, said: “This is our holistic digital wealth starter kit for the emerging affluent. Over 80% of our customers are already using our mobile app each month, so Citi Plus is a natural extension of our strategy to introduce wealth management to a younger and more digitally savvy clientele. What differentiates us is we offer the potential of banking with a global firm who can assist our customers seamlessly across various stages of their wealth journey.”

Ashmita Acharya, Citibank Singapore retail banking head, added: “There is fast-rising demand for an engaging digital banking experience with tools to help with wealth management and investing, especially among those who grew up with messaging apps and social media. Thus, Citi Plus aims to help these individuals begin their wealth journey while providing a potential channel if they aspire to grow their wealth and progress to be Citigold clients.”

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