Strategic change management at the citibank Strategic change management at the citibank Essay Citibank, a major international bank, is the consumerA bankingA arm ofA fiscal servicesA giantA Citigroup. Citibank has retail banking operations in more than states and districts around the universe. In add-on to the standard banking minutess, Citibank offersA insurance, A recognition cardA and investing merchandises. Their online services division is among the most successful in the field, [ commendation needed ] A claiming about 15 million users.
The core strategy of the bank is to offer a single web-enabled platform to all of its customers. Similarly, we will discuss how Citibank can identify what it can offer when the market is changing rapidly.
The bank must identify the needs of the customer and then target them in an efficient and an effective way. The cash and the trade group must value the need of paperless environment and they must focus on developing an effective e-business strategy that can benefit the customers in the short and the long run.
Products like CitiDirect can benefit the corporate customers because they can make online payments and can perform transactions anywhere in the world.
This product has centralized the banking environment and customers all over the world can coordinate and contact each other through an online medium.
Through COS check outsourcing system corporate customers can place their payments online and the bank can perform operations by dispatching the checks to designated customers.
All the products that are developed must be customized and they must cater the needs of the corporate customers. As soon as the needs are identified then the bank can target their needs through products that can help them in this changing environment.
The entire environment is changing, customers are becoming difficult to handle because their demands are increasing. Similarly, competition is getting stiffer and stiffer and new entrants are entering the banking arena.
The B2B environment is more prone to internet and because of security issues this environment is changing too.
These factors are quite evident in identifying what products and services can Citibank offer to their customers. The internet plays a major role in identifying the actual needs of the customers. Through emails and online forums Citibank can identify what their customers want and how can they build a proper e-business strategy to cater the needs of these customers.
Surveys and questionnaires can also be an affected strategy in identifying what are the needs of the customer and what can Citibank offer in the rapidly changing environment.
After the identification phase of the changing environment Citibank can offer value added services to its customers. Customer relationship management services can be offered to the customers and they can help themselves through the efficient use of these services.
Citibank has responded in a proactive way in this changing environment and they have developed e-projects which includes projects that are related to artificial intelligence CABC, The University of Hong Kong.Citibank’s e-business strategy – Connect, Transform and Extend – was to Web-enable its core services, develop integrated solutions, and reach new markets.
The ultimate goal was to build a single Web-enabled platform for all customers with similar needs.
In , Citibank's Cash and Trade Group division transformed itself into an e-business, with the strategic intent of converting traditional money management business into an e-business framework.
Strategic Management and Citibank S E-business Essay Sample. Please prepare an analysis of this case. Your write-up should be 4 to 7 pages. Each of the following questions should be .
Electronic Business; Strategic Management; Market (Economics) The case ‘Citibank’s E-Business Strategy for Global Corporate Banking()’ is all about the city bank which was incorporated in as a city bank of new work in the whole case is about the adaptation of E-Business strategy by city bank and how and in what sense .
Citibank has been one of the pioneers of Internet Banking from a very early stage of internet revolution. Citibank management was quick to judge the future of business and banking lay in the internet boom and wanted to fully capitalize itself on it.
Citibank’s E-Business Strategy Essay Citibank changed its global strategy in because of stiffer competition and the dot com boom. However, their current E-business strategy is –Connect, transform and Extend (CABC, ).