Analysis of Citibank's Web Presence

10. Visit the website for a large bank or credit card company, and learn about a type of credit card being offered by the company. Describe at least four features of the card and where you got this information. (3-6 sentences. 2.0 points)

They have been able to generate different sources of revenues through commercial banking, credit card and retail financial services, which separates them from competing with some investment banking companies. The accounts, products and features the company offers sometimes have fees which it is willing to waive. Since the company wants the “share of wallet” of high balanced customers, it will take such actions. This action of course has the potential to deepen relationships. In the article by author Charles Keenen he states, “According to Bancography, a consulting firm in Birmingham, Ala., a customer who has just one product with a bank will stick with that bank for about 18 months, but add even one product - a savings account, perhaps - and the average jumps to four years. Customers with three products will stay with the bank for about 6.8 years.”

Armstrong’s team used branch-level data from the CSI system as the primary source of research. As a result the concept of “comfortable banking” is directly translated into customers satisfaction during their interaction with tellers in the bank, since almost every criteria in the CSI is measuring representative service behaviors. One thing that the team failed to see is that “comfortable banking” could include a much wider scope of services that customers value therefore consider important to their experience: the products itself and services provided outside the bank for instance. According to Armstrong, “comfortable banking” positioning stands for the branding of the overall experience TD Canada Trust delivers to its clients. The financial products, as the core business of any banks throughout the world, should be counted as part of the service, too.

I am glad to present our report on “Analysis of Centennial College’s Online Portal”. I would like to thank you for being available to help at all times. I would also like to thank Taranjeet Kaur for her collaborative work on this report.

Chase has more than 5,500 branches and 18,000 ATMs and holds approximately over $2.6 trillion in assets (Get More from Your Banking Relationship, 2014, p.2). JP Morgan Chase is often called the leader of the pack among the “Big Four” banks (King 2015). In recent years the bank has embarked on a major expenditure program to keep up to date with technological advances and consumer change of taste. The trend is digitalization of the banking experience, which enables customers to bank from their smartphone and/or computer. Chase has invested heavily on its smartphone application and online banking platform. In which chase has become the #1 most visited banking portal in the U.S and #1 Mobile banking functionality for 3 consecutive years (Smith 2015). In addition, Chase has expanded the capabilities of its ATM stock. On this new platform, wires can be sent via personal computer, funds

A customer strategy that CBA utilise to enhance the customer relationships with the brand is new high-tech ATMs. The advanced ATMs can now communicate with consumers by asking a series of questions to better learn their financial needs and wants. The questions asked consist of an approach to figure out what financial goals consumers have and the shaping future of the market, for example 'Is the Australian property dream still a reality?, Do our kids have the skills they need for tomorrow?. With the upgrading of the ATMs, CBA are able to minimise gaps within their consumer market, fix and strengthen these consumer relationships, as well as access many other benefits. The first benefit

CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).

For the SMEs, Citibank offer rewards such as free internet access as the customers slowly progress into a fully online environment. The clients were not aware of the additional benefits of the internet, especially dealing with limited access so the free internet allowed for an easier transition.

1. Personal Promotion: The bank marketer gets opportunity to tangibilise the product through personal selling; persuasion is more effective with direct contact. It helps in creating impulse buying.

1. What is the role of offline and online advertising in acquiring checking account customers for the bank?

Century National Bank has offices in several cities in the Midwest and the southeastern part of the United States. Mr. Dan Selig, president and CEO, would like to know the characteristics of his checking account customer. To better understand the customers, Mr. Selig asked Ms. Wendy Lamberg, director of planning, to select a sample of customers and prepare a report. To begin, she has appointed a team from her staff and the team has selected a random sample of 60 customers. All the information gathered is tabulated in the table below:

During the past decade, we have undergone enormous changes in the way that we conduct business. ATM check cards, credit cards, and preferred customer cards are the most common buying tools today. Check, or debit, cards are ATM cards that function just like cash. Customers can now make payments with their check cards

The Century National Bank has offices in several cities in the Midwest and the southeastern part of the United States. Mr. Dan Selig, president and CEO, would like to know the characteristics of his checking account customers. What is the balance of a typical customer? How many other bank services do the checking account customers use? Do the customers use the ATM service and, if so, how often? What about debt cards? Who uses them, and how are they used?

In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.

Menton Bank had historically focused on corporate businesses, an its share of the retail consumer banking business ha declined in the face of a aggressive competition from other financial institutions. Menton Bank’s new focus is on customer service, trying developing a stronger consumer orientation at the retail level. The goal is to seize the initiative in marketing the ever increasing array of financial services now available to retail customers (Lovelock, Wirtz, pg. 521)