Table of Contents
Customer Centricity
In the recent past, most of the bank’s customers prefer to do business digitally. Over 60% of the customer transactions are now online. In the cards business, digital spending is increasing in double numbers compared to that of traditional swipe-and-pay transactions. There has been an increased level of satisfaction for customers embracing digital services as compared to those who don’t, and in fact more from mobile users. Young customers hold this more than older ones (Abdullah S. Al-Mudimigh, 2017).
Citi’s effort in investing in digital and shows how this approach is rising. The mobile banking approach is now operating in more than 3o countries and Citibank has realized that going digital is very important and putting the bank on board as it helps the company to provide world class consumer experiences and well established. Being digital is best and does not consume time in terms of banking transactions or interactions and it is not costly it is actually a simple unique platform therefore, Citibank has introduced Citibank Express as the operating system (Abdullah S. Al-Mudimigh, 2017).
This operating system involves the usage of ATMs whereby clients will be able to do several transactions at the ATMs and all the services that could only be done at the branhes, this includes loans applications, accounts opening, credit cards check, loans payments.There is no need to wait for the card to come in the mail because the machine can use the card just at that time. Authentications can be done at the ATMs, clients have access to online banking at the machines as they are already connected to that platform, they also have biometric capabilities as well as videos conferencing (Abdullah S. Al-Mudimigh, 2017).
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Citibank Express allow clients to finish their transactions they either have commenced them on their mobile phones or laptops. The commercial demand is of paramount importance, the mobile Citi Velocity, this trading design makes arrangements of everything, marketers needs, doing research, data collection, collaborations and trading can be done on a mobile phone. Citibank has introduced a mobile solution that accommodates all customers because technology is in demand (Michael Corbat, 2014).
Internationally Available
Being the operating manager of the bank that operates in more than 100 countries comes as a challenge due to the fact that all the services and products of the bank are known and accessed internationally, for instance Citi Velocity. There is also another platform called CitiDirect BE Mobile, this platform is the best and beneficial to various enterprises that are interested into the usage of Citi’s payment architectures access mobile payments everywhere and anywhere. In business, one does not need go to pay the business’s bills physically, it is time consuming. They can do it in the comfort of their home zone. The rate of Customers who use CitiDirect BE Mobile is increasing day by day. This is a successful design which has lead to Citibank to be pronounced the best international mobile bank in the year 2013 by Global Finance (Innovation Enterprise, ).2016
Digitally Connected
Citibank has introduced several digital communication and distribution platforms in collaboration with customers to satisfy their financial needs. The bank has collaboration with Hutchison Whampoa’s mobile subsidiary “3” in Hong Kong. As time went on, Citi has introduced 3 Citi Wallet and this is a knowledgeable application thereby allowing payments and transactions capabilities as well as loyalty programs. These cases shows that Citibank is interested in bringing the international banking design and accessibilities which add value to the operations and indicates a new digital environment. Citibank has realized that the business has to be in collaboration with various enterprises and institutions in order to succeed. The bank’s success is the biggest concern be it in the marketing position, government and other capital departments of various enterprises and clients. Citibank’s desire is to be locally and globally incorporated and digitalized (Innovation Enterprise, ).2016
In Pursuit of Innovation
In order to be competitive advantageous, banks need to establish justifiable innovation and development abilities so that they can be successful. Citibank has an ongoing process of adhering to make provisions of innovative answer to financial problems to customers, Underlying its continued commitment to providing innovative solutions to clients, Citi’s Global Transaction Services (GTS) business has introduced the Citi Innovation Lab. Innovation Lab collaborate with Citi’s financial customers and enterprises well creatively and ensure that amicable solutions are at hand by using digitalized interactions, new webs supply chain and critical technology (Michael Corbat(2014).
Through the Innovation Lab platform, Citibank provides information and show clients on how the new banking transaction solution works and customers are allowed to make trials, by carefully analyzing the status quo and engage themselves into negotiations with the ficilitators of the GTS products and services. Citibank has always been keen to improve and be innovative to its clients for development purposes eventhough this is a big challenge to keep doing because technology is changing every now and then the same as innovation a lot of money is neede to preogressively keep complying with new techlogy and innovation in order maintain the dominating position within the industry (Michael Corbat(2014).
The Innovation Lab allows Citibank to connect with many customers all over the world because it is internationally channeled thereby making it easy for the bank to expand internationally and attract more clients and getting to find enterprise that can be working together with as well as international skillful partners in business helpful in terms of business negotiations and customer’s needs solutions. The operating system is now made easy to handle and solutions to financial problems are found in blink of an eye. This world is unstable, it keeps changing therefore, it is crucial for financial institutions to give chances to their clients to air their views and have trials on as many platforms being introduced and get to know the influences they have in the industry. This lab is established to assist customers to exit un-useful industries and get more solutions to problems (Charmaine Oak, 2015).
Citi is operating globally and it is participating in activities which help it attain development and innovation and increase its size in the international market place. Citi mobile introduction is one of the designs introduced and clients are at ease with it, the bank will continue engaging itself in innovative activities(Charmaine Oak, 2015).
The idea of the Innovation labs is also very crucial as it help the business in establishing new products and services. The bank has no sign of shrinkage for years and information and digital technology is the backbone (Abdullah S. Al-Mudimigh2017).
Citi’s Fintech Revolution
Citi Fintech was established in November 2015. It is a department consisting of various workers extracted from technological companies like PayPal and Amazon with the great mission of a well established app using voices and facial recognition of people. The app is highly upgraded, passwords and finger prints are not in use (Barbara Booth, 2016).
According to Citibank, it has attained an estimated amount of $9 billion through fin tech in just four few years, this is an amount that some Citibank competitors are unable to make within the stipulated period of time. It is predicted that fin tech will continue making more profit exceeding 100 billion more than 10 times. According to the business analyzers fin tech will accelerate up to 17% in customer banking services (Barbara Booth, 2016).
It appears to be that most of the large banks cannot tackle the technological challenges that are occurring around the globe. Citibank is the only bank that has given more investment in fin technology, anyways different banks are affected differently. 51% Citibanks revenue is from consumer banking another 11% is obtained from transactions and payments activities. The bank have been dominating all along it is never sleeping in business as the slogan states. Payment processing is the next huge dream it would want to achieve in the near future following the consumer banking scenario, in spite of this it is focusing on fin tech in a digitalized platform (Cheryl Bluthardt(2017).
Procedures are put in place and they are there to guide every department of Citibank in order to establish amicable strategic decisions to solve problems arising from fin tech and how to cater for them. The investments are done straight into the financial startups. The headquater of fin tech is based in NewYork , it has to do with organizing funds to invest in new businesses the likes of Fintech firms. There is also Citi venture, it is a capital operation platform which directly work with fin tech chances, based in Silico Valley (Cheryl Bluthardt(2017).
The status quo indicates that Citibank is making trials of every technology that pops up and this way sems to be good. It is extra milles ahead of its competitors. It was the first to introduce a system whereby clients can see their deposits on their mobiles and currently almost every bank has imitated. Digitalization is the way forward (Cheryl Bluthardt(2017).
The statistics indicates that over 46% of Citibanks clients are users of online banking on their mobile phones and computers at work or home. That was almost better than 45% for members. The bank generated 36% of Citi’s consumer-banking-services and products is from one of its digital plan. In comparison with other banks it is only 15%. Citi’s clients for mobile users have gone up to 26% (Stephen Gandel, 2016). Citibank consinders investing more in technology which is an overwhelming action , it is maintaining its clients by providing well establishe products and services as well as making the banking industry easy to customers in terms of payments and transactions and enabling e-business (Mckinsey & Company(2015).
Conclusion
On business point of view, the bank’s IT strategy effort has significantly influenced the institution’s financial performance. Most notable is the operations efficiency, network connectivity and general customer satisfaction. The brand’s overall financial performance, position and adaptability have been in a positive rise in the recent past years, which can strongly be attributed to its high IT investment and developments infrastructure. Their strong believe is that development a strong IT strategy platform is a cash cow and a core competitive advantage. The major IT strategy pillars of “Customer Centricity, Globally Common, Digitally connected”, the bank’s digital strategy operates effectively. In addition to using its technology and innovation to meet customer needs and new business proposals, Citibank has greatly worked to implement its vision–a bank of global leading e-business enabler.
