"Citi has an API integration with a third-party credit bureau that allows for real-time bureau unfreezing during the application process," shares Kartik Mani, Head of Citi Retail Services.
"From operating in this space, the consensus is clear: retail customer preferences are constantly evolving, and they're demanding digital-driven solutions that facilitate their purchasing decisions effectively."
An emerging trend is the growing involvement of financial institutions in the loan installment market. This is spurred on by the pressure to compete with non-bank players and address the shifting demands of enterprise retailers.
Citizens is one of the few banks that offers installment loans akin to BNPL programs through Citizens Pay - enabling consumers' access to a revolving line of credit.
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