In a bid to capture greater market share among affluent consumers, Citigroup announced Tuesday that it has revamped its Citigold services and has launched Citi Priority, a new offering that combines financial guidance with new digital tools and benefits.
The offerings differ chiefly in who they are designed for.
Citigold is for the wealthy, period. Clients with qualifying balances of $200,000 or more are given a dedicated team to meet their financial and wealth management needs, plus complimentary financial planning. They are also privy to a slew of market research, and receive benefits such as unlimited refunds on third-party ATM fees anywhere in the world.
Citi Priority, by contrast, is aimed at the "mass affluent" segment—clients with balances between $50,000 and $199,999. They receive digital money management tools and preferred pricing on mortgages and other credit products, as well as waived fees and discounts on deposit accounts. Travelers can benefit from the absence of foreign-exchange fees on Citi debit cards.
Citi Priority clients will also have access to financial advisers from Citi's wealth management division, who stand ready to offer guidance.
"Through these new offerings, we are pleased to bring the full breadth of our global expertise to our clients," Venu Krishnamurthy, the head of Citigold and Citi Priority as well as Citi's personal wealth management division, said in a news release.
In the coming weeks, he added, Citi will roll out "enhanced digital and mobile capabilities" to support these offerings.