Citibank reshaped significantly its e business plan following the fiscal catastrophe of 2008 rolling out world-wide initiatives to maintain its direction in treasury and trade services, focusing on leveraging its geographic reach, and becoming even more customer-centric. Citi restructured its marketing strategy to assist customers in finding solutions rather than selling products and its R&D centres. The performance of Citi was fast paced, but the landscape for treasury and trade services was changing quickly after the monetary crisis.
Multi-banking became a must and a new answer to marked by SWIFT allowed to multi-bank online at low cost and with greater efficacy than previous alternatives. While adoption was slow, the change in the competitive landscape was critical. Any bank's data could be seen and manipulated via any other bank's internet portal. Internet portals continued to evolve offering functionalities and new characteristics at product level: Citi upgraded its CitiDirect BE and TreasuryVision platforms to offer what the market asked for. But seamless bank-corporate integration at technology amount was not evolving at the exact same rate. Bank and Corporation data exchanges were not efficient, making a number of treasury jobs labor-intensive.
But it was cloud computing that assured the technological alternative that is definitive for the bank-corporate integration model. The ERP vendor SAP was the first to experiment with a private cloud model and permit direct straight-through processing of each monetary transaction sent from the ERP directly to bank middleware. Citi was the first bank to sign up with the project, but its opponents followed.Digitalization of bank services was on the next phase, and this promised to have significant impact on the banking business model.
PUBLICATION DATE: October 26, 2015 PRODUCT #: HK1079-HCB-ENG
This is just an excerpt. This case is about TECHNOLOGY & OPERATIONS
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