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This Case Is About The Citigroup

8887 words - 36 pages

IntroductionThe following Strategic Management plan evaluates Citigroup's competitive position and internal and external environments to determine strategic direction. Through the strategic formulation framework, various internal and external inputs are matched to critical success factors. Alternative strategies are then derived and chosen.Each section, including the competitive analysis, internal and external analysis, and environmental screening, leads to the final part of the paper, strategic selection. The plan recommends that Citibank should select an aggressive strategy by expanding its insurance business to foreign markets such as those in Mexico and Japan.Competitive AnalysisIntroductionThis section focuses on the trends surrounding online banking and acknowledges that consumer demand for online financial processing is reaching a critical point. It analyzes how Citibank differentiates itself from the competition by offering a broad line of products and services and exploiting cutting edge technology to support global online banking transactions. It also explores the threats, opportunities, weaknesses, and strengths impacting Citibank's success in competing for online banking market share. This section suggests additional research in which new strategies take the Multi-National Corporation (MNC) to new, unprecedented levels of global influence and success.Industry OverviewOnline banking has brought traditional financial functionality into Cyberspace. The Compounded annual growth of online banking since 1994, has been 80%. Worldwide, more than 100 million households now bank online. Looking ahead, usage is projected to increase to 50+ million U.S. households. Worldwide, the total is expected to triple to 300 million or more households (Online Banking, 2003).Internet Banking enables financial institutions to market and sell new products, increase their end user base and build longer lasting relationships. Launching online banking services requires minimal demand on the banks existing infrastructure and resources. With Internet Banking, the Internet branch serves as the financial hub for end users' online banking needs and strengthens the brand and image. Banks view online banking as a powerful "value added" tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment.The key benefits of online banking to businesses and consumers are time and convenience. Banking hours or holidays do not restrict online bankers; they have access to their account information 365 days a year. However, convenience is most likely the driving force in the demand and increase of online banking. The client has the ability to transfer funds, pay bills, review account balances, and monitor account history, all from the convenience of their keyboard. Online banking allows clients to bypass the time-consuming, paper-based aspects of traditional banking in order to...

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