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CITI business - Case Study Example

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Threat of new entrants: The world over, the banking industry is one of the hardest industries to enter owing to the capital requirements and heavy regulation of the industry by governments. However, through the device of mergers, smaller banks are able to join thereby posing…
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CITI business case study
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Download file to see previous pages Increased competition for capital continues to force banks to innovate (Citibank, 2008).
In order to differentiate its e-business products from those of its competitors, Citibank took several measures(Citibank, 2008). First, the bank developed a strategy for its corporate banking division where its target corporate clients included multinational corporations (MNCs), financial institutions, government agencies, local enterprises and SMEs. The bank understood that each of these corporate client categories had unique needs. The bank realized to need to go the extra mile to package its products to meet the unique needs of every customer (Citibank, 2008).
Citibank also differentiated itself and its products from those of its competitors through an improved, comprehensive customer service. The customer service includes telephone hotlines, relationship managers who take their time to comprehend the individual customer’s needs and product advisors whose role is to advise customers on the product or products that most suits its needs.
Finally, the bank continues to invest heavily in technology in order to promote both the front- and back-end electronic banking systems. Besides, the bank seeks to make itself more accessible to its customers through what is calls its unified platform. The platform uses a teamwork approach that allows the bank to work with every function in the organization of the client (Citibank, 2008).
Grow its global reach: As at the time of developing this strategy in 2008, Citibank had operations in 100 countries of the world and employed over 268,000 people. This global presence, the bank believes, puts it in a strong position to meet the global needs of its customers. This being the case, the bank should continue its global expansion drive.
Strengthen its brand: The bank believes that it has built a strong brand ...Download file to see next pagesRead More
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