Citi's eBusiness Model
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By commercialprintin
Citibank differentiate its e-business product
1. How does Citibank differentiate its e-business product offering from that of its competitors? How could Citibank create its own competitive advantages in the market place?
Citibank differentiated itself from competitors by using their customer service effectively. They offered several services to their clients. Citibank offered telephone hotlines, customer relations managers to give individual attention to their customers, and service experts. Citibank also continued their investment in technology for the front and back end of the banking systems. Citibank committed to an “e-business strategy-Connect, Transform and Extend-was to web enable its core services, develop integrated solutions and reach new markets.” (McCauley & Khan, 2002, p.1).
Citibank was also committed to its customers. According to the case study, ‘Citibank’s vision was to become the world’s leading e-business enabler". Citibank had over 268,000 employees located in over 100 countries and their focus was to embed their services into the everyday lives of the local population. “A bank that had roots in the country as deep as any local indigenous bank, building a broad customer base, offering diverse products, actively participating in the community and recruiting staff and senior management from the local population”.
In addition to being committed to employees and customers around the world, Citibank has strong brand recognition and continues to invest in technology. To position itself strongly within the technology sector, Citibank formed “alliances with Oracle, Commerce One, Inc., SAP AG, Wisdom Technologies and Bolero.net” to help transform its company to an e-business model.
In 2000, four companies teamed with Citibank to form FinancialSettlement Matrix.com – a company that