The digital revolution and the emergence of innovations and new technologies under the so-called Fourth Industrial Revolution is reshaping how consumers and companies in all industries interact, with financial services no exception.
The rise of new financial technology such as cryptocurrencies, blockchain and artificial intelligence is having a transformative effect on how companies and consumers trade, transact and manage money.
For Citi, embracing digitisation is a corporate imperative, says Tibor Pandi, country head and country officer for Thailand, Myanmar, Cambodia and Laos.
"The digital transformation represents the most fundamental change ever, in terms of how banking works," he said.
"Banking has always been updating itself, reinventing itself. But at no point in time have you seen the barriers of entry start to erode at this pace."
Mr Pandi estimated that banks currently only use 20% of their data, with the rest untapped, showing the huge potential that exists for improving efficiency and services through digitisation.
On the retail side, Citi will soon be able to offer personalised offers to credit card users based on their past spending patterns.
"So I know you're spend money at Starbucks. Let's say you pass by Starbucks. If you have given us permission, [Citi's mobile app] can send you a personalised message, say offering to exchange reward points for a cup of coffee," said Mr Pandi.
He said adopting a "digital mindset" represents a fundamental change for the bank, one that prompts debate about where the future lies.
"For instance, do we need a branch so a person can cash a cheque? A call centre? Most bankers would say of course," said Mr Pandi.
"But turn this around. When was the last time you thought of calling a call centre if your Uber ride does not arrive? Never. You just order another one, or go Grab."
Banks such as Citi must manage that generational transition, where client demand exists for both traditional brick-and-mortar banking services and digital services.
Mr Pandi said compared with today's technology firms, banks have been slower to change.
"No banks are as nimble as tech. It's the same as, say, comparing Tesla with other auto manufacturers," he said.
Regulation is another factor.
"We carry a 100kg bag on our back when we are running. Fintechs, they have the wind on their backs. Because there is no resistance, or very little, compared with [banks]," said Mr Pandi.
"And banks are very complex. If I do a change to one product, say cash management, it will inevitably impact other businesses. But most digital apps are monoline."
Mr Pandi said banks and fintech would eventually converge, as the former continue to digitise and fintechs become subject to more regulatory control as they grow.
He said adoption of the General Data Protection Regulation by the EU is one example of growing regulation.
"Over 50% of US companies will spend over $1 million (33.3 million baht) to adhere to the new regulation. And there is an estimated need for 30,000-40,000 new data protection officers to help comply with the rule. This on top of your existing regulatory officers and control staff. So the cost of compliance will increase," he said.
Mr Pandi, a 17-year veteran of Citi, took over as country head for Thailand, Myanmar, Cambodia and Laos last September, after serving as chief country officer in Romania and cluster head for Romania and Bulgaria.
He said 2018 has been a strong year for the bank in Thailand, with growth across the corporate banking franchise and increased demand from clients for assets, driven by strong tourism growth, government investment and a pickup in consumer demand.
On the consumer side, demand and growth for financial products and wealth management have also continued to outpace overall economic growth.
Citi last month completed the acquisition of 130,000 personal loan and credit card accounts from Tisco Bank in a deal valued at 6.9 billion baht.
Mr Pandi said his largest challenge was to accelerate growth in the highly competitive Thai market, a task that was tied to how quickly the bank itself can transform itself digitally.
"Even though markets grow, there are so many other players, you have to inherently become much more efficient and quick. Futureproof, if you want," he said.
"It's not about more branches. It's not about, on the corporate side, many more clients. It's doing what you do even better to get a bigger market share."