Critical Evaluation of Banking on Ebusiness

In: Business and Management

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Write critical evaluation of the following article. Submissions will be evaluated based on the thoroughness with which the topic is addressed. Paper should be three to four pages in length.
Citigroup is dramatically expanding its Internet presence in an effort to approach its target of 1 billion customers

By Bob Violino | | | | itigroup, the financial-services giant formed by the merger last fall of Citicorp and Travelers Group, wants to be the leader in online banking and E-commerce in the financial-services industry. It wants a piece of the major portals on the Internet. And these are part of an even bigger goal: expanding its customer base from 100 million to 1 billion by 2012, Citi's 200th anniversary.

The billion-customer figure, first articulated by Citigroup in 1997, is more of a "stretch target" than a do-or-die goal, company officials say. But it reflects Citigroup's effort to broaden its influence and reach dramatically, an effort driven primarily by IT.

Citigroup is preparing for the customer push with an aggressive E-business strategy that involves all aspects of its organization. The division Citigroup created two years ago to spearhead its E-commerce effort is working overtime to deploy new products and services. It's exploring radical ways to make it easier for customers to interact with the company. And Citigroup's traditional IT organization is making the infrastructure changes needed to support the company's online effort.

Citigroup isn't abandoning its brick-and-mortar constituency. But the greatest potential for gaining new customers and holding onto current ones, executives of the New York company say, lies in electronic banking and E-commerce.

"Our first step is to build an electronic presence that's as broad and generic as possible," says Ed Horowitz, senior corporate officer of Citigroup and head of e-Citi, the…...

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