Market-leading centralised database technology has helped software provider Coin win a three-year deal with Citibank.
For an undisclosed sum, Macquarie Bank’s Coin will roll out IT solutions to 100 advisers in the Citigold relationship banking business.
“I think the Enterprise database keeps shining through. The data is kept in a central place and managed by the institution rather than being hosted by the vendor or third party. It’s a big selling point. Visiplan is stand-alone and Xplan is hosted,” Coin managing director Tony Graham said.
Coin spent three months working with Citigroup prior to the deal. Graham said the alliance was a good business opportunity because of Citigroup’s ambitious domestic growth plan.
Citigold director Suvrat Saigal said: “Our view is that Coin is becoming the industry standard. We looked at several other major institutions, especially within the big four, who have deployed Coin. The functionality of Coin fits in best with our business model.
“Essentially what we are trying to have is one front-end system which allows us to capture as much information [as possible] about the client and actually work out an effective strategy for that client.”
The Citigroup relationship banking business is two years old and previously used its own proprietary software. Coin has 100 staff and 5,500 licensed users nationally.
