Citi Bank, India’s leading Bank with millions of customer’s base successfully doing business in more than 160 countries including India and many other foreign Countries. Citi Bank provides total financial solutions to any consumer, corporate, government or institution needs and requirements. Financial solutions including money debit and credit services, corporate Banking, stocks and securities, transaction services, and much more.
Citi has recently launched two of its business management segments: Citicorp and Citi Holdings where the first segment represents the core growth franchise of Citi group and the other segment representing businesses and assets not covered under the first one. Citicorp dedicatedly works to provide world-class products and services to its customers and look after the global network of Citi including many of the emerging economies of the world.
Citibank is considered as the most flourishing foreign lender who is now expected to follow the trend set by its rivals called Hong Kong and Shanghai Banking Corp, HSBC. The bank is planning to cut down its branches owing to fewer footfalls and customer’s interest shift to Internet banking. This has stopped customers from visiting bank branches on a daily basis and most of their transactions, bank activities are managed online only.
With the advent of science, technology, and the Internet, smart phone usage has considerably increased resulting in an increase in the number of 4G connectivity through networks. This has changed the way the banks used to operate earlier and a lot of changes have been seen so far even in the banks driven by the state of a particular country. Close some of its branches and there is no news so far to open new branches to get more customer base.
Recently, the bank planned to shut down 10% of its total branches. For simplification, we can say that the bank is planning to shut down its 5 of the branches for every 44 branches spread nationwide. These plans are being made with an aim to target big fishes of the city. Wealthier customers would be targeted and the names of such target are still not revealed by the Bank.
Let us now see the Franchise Strength and financial Strategy of this Citi bank:
Citi bank and its team of professionals continuously hunt for the new things for the progress of the bank and try to bring new strategies like
- How to enhance the Bank’s reputation of India’s leading foreign lender bank for both an individual and an institute runner? This needs a strong network of globally emerging countries, bank’s expertise, clients’ smartness and relationship with the bank.
- Take Citi Bank to a level that can do more benefit than harm and help the client builds a trust.
- Make Citi Bank, a responsible Bank that can stand by its commitment to the client in order to build a healthy relationship with the client.
- How to enhance the performance of the bank, its stocks and shares value, and how to make it more effective and a productive bank?
Despite these strategies, the bank is planning to shut down its branches and target wealthier client seeking growth.