Citibank
Essay title: Citibank
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Abstract
In this paper I am going to discuss the banking industry and how it has had to adjust to the organizational change in the past 100 years. Banks have had to make changes based on the inventions and fast paced society always looking for a way to save. Citibank in particular has adapted very well to this type of society, which will be explained in the paper.
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One industry that is ever changing is the banking industry. It is always trying to accommodate the mass market and appeal to a new generation while still holding on to their affluent clients. One bank in particular is Citibank. This organization has made the changes throughout the year to appeal to the ever changing economy and become the global leader in banking.
Citibank is the largest bank in the nation and attained the status through a strong organizational design. Citibank was founded in 1812 and was called the City Bank of New York. Through several merges later it eventually received the name Citibank which we use today. This corporation always focused their energies towards the ever changing market. They did lots of research and found out clients were no longer wanting to visit a bank on a daily bases to access their funds. This is when Citibank invented the Automated Teller Machine. (ATM)
The ATM invention changed the standards for banks to follow. Not before long all banks were beginning to offer this service to their clients and even better, for free. As the clients demanded convenience, Citibank provided this by building and acquiring new banks and branches. Citibank is now located overseas and in more than one hundred countries. (
As the customers became used to independently banking on their own they now needed a way to access their money from home. Citibank once again took the lead and developed an easy to use webpage. Now that it adapted to the online users, they have attained over 15 million activated accounts online. This is an enormous amount of users
which could have only been acquired through careful planning and the right appeal to
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these users. This also means the opportunity to cross sell and allow users to open accounts online as well as apply for loans.
With the major and quick changes this organization has had to undergo its staff is just as important in helping this move along. Lots of training and staff development is needed when acquiring a new bank. The staff helps generate new jobs in areas greatly needed. This also helps contribute education and technological advancement for many. Not only will the staff undergo lots of training, but further education is a must in this industry to excel in all the areas.