Citi aims to enhance consumer protection and experience by leveraging technologies

Citi vowed that it would make further efforts to protect consumer rights, enhance their experience and promote financial literacy for a wider population by leveraging advanced technologies.

The banking giant made that pledge on a recent forum which attracted 150 leaders from regulators and industry associations, scholars as well as experts from domestic and foreign banks.

To promote the fair treatment of their customers, the US lender has made relevant policies and a special program to encourages employees to view fairness as a key element of delivering a remarkable experience for the clients.

Darren Buckley, executive vice president and head of global consumer banking at Citi China, said at the event that as China has grown to become the second largest economy in the world and one of the leading markets for financial technology innovation, its retail investors are becoming more active.

Against this background, it is becoming vital for banks to help prepare their individual customers with the necessary tools and knowledge for risk-control and protection.

To that end, Citi China plans to leverage artificial intelligence, natural language processing and voice analytic tool to collect and analyze customer feedbacks to detect the potential complaint.

It will also convert customer calls into text for further analysis and call monitoring so that the bank can conduct quick fix on products and services before it leads to a complaint.

Citi said it will make more efforts to promote financial literacy for a wider population as it regards this as “a pressing issue” for regulators and the financial industry.