assignment 1 Presenting your Technology Choices & assignment 2 Mapping Strategic Goals on Citi Bank
Week 1
A Brief History of Citibank
The Citi Bank of New York was established on June 16, 1812. The president of the Citi Bank was the statesman and resigned Colonel, Samuel Osgood. Proprietorship and administration of the Bank were assumed control by Moses Taylor, a protégé of John Jacob Astor and one of the Goliaths of the business world in the nineteenth century. Amid Taylor's command, the bank worked as a treasury and money place for Taylor's own broad business empire.
In 1863, the bank joined the U. S’s. New national saving money framework and turned into The National City Bank of New York (Makki, 2015). By 1868, it was one of the biggest banks in the United States, and in 1897, it turned into the major U.S. bank to build up an outside office.
At the point when the Federal Reserve Act permitted it, National City Bank turned into the primary U.S. national bank to open an abroad managing an accounting office when it opened a branch in Buenos Aires, Argentina, in 1914 (Makki, 2015). A hefty portion of Citi's available universal workplaces are more established; workplaces in London, Shanghai, Calcutta, and somewhere else were opened in 1901 and 1902 by the International Banking Corporation (IBC). IBC, an organization sanctioned to lead keeping money business outside the U.S., which was prohibited to U.S. national banks (Reuters, 2015). In 1918, IBC turned into a completely possessed backup and was along these lines converged into the bank. By 1919, the bank had turned into the leading U.S. bank to have $1 billion in assets.
According the current CEO of Citi bank, the company’s ethics polices are to the standers of adhering to the top level of available standards is within the company’s license to the way the serve their customers and to be able to win the trust of the company’s stakeholders. Citi Bank has moved through the times at a great distance even from the financial crisis. But sometimes get take just one bad experience, one back outcome and one person, to put all the company’s hard work at risk for a bad outcome.
Citi's Mission statement:
Citi's mission is to give their customers and clients the trusted they need and want, by responsibly providing financial services that enable growth and economic progress. Their core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients.
Week 2
Company Name: Citi Bank
Citi Bank is a company within the banking industry whose headquarter is New York City in America. The internal analysis of the company is as follows: Internal factors
Strength
Working all around the world
Gaining a great name and reputation
Raise deposits and give away good loans
Mortgage and Auto financing
Managing funds for savings and checking for customers
Weakness
Weak customers
Lack of great service
Going down the ladder of success
Unreliable customer service and loyal customers
External factors
Opportunities
Change in the geographic markets
Advanced technology
New channels of distribution
New customers financial needs
Threats
Intense competition
Tax increase
High commodity prices
Local brands in different countries
Strengths
On the strength, Citi Bank has the leading name in banking industry in the market making it more productive. Citi Bank has gained a lot in terms of productivity. The company is known to great assistant of lending of funds to reach the market through various channels which include; the third party network distribution,
The company has chosen the above distribution channels in order to satisfy the customers’ needs. It is also because of the type of service characteristic that they choose the relevant distribution channel. The company also values the customers more than any other thing. Customer is the subject of their being in the market. This has helped the company to prosper from time to time.
The company is also known for its quality production of rising of the amount of times and sum of the deposits customers have made. The company also has a proper and skilled management who knows how to come up with good decisions that are relevant and appropriate to the company.
Weaknesses
On weaknesses, the company does not know the skills of how to retain the employees. Some employees come to the company and go for good. Some employees and customers also consider the service of Citi Bank as weak as compared to other brands from the competing companies. This poses danger on the product consumption as a whole. In this company also, there are no skills that will ensure other new innovation.
The customers are known to like the newly products hitting the market. For a company to come up with new products, some skills are required. The company lacks such skills and hence there is low innovation hence lowering the productivity. There is also a notion that the products from the company are not reliable due to little stock available. This weakness has resulted to customers moving out to look for other companies that provide reliable products.
Opportunities
On the opportunities, the change in the geographical markets can mean well for the company. The company can distribute their service to any geographical location due to its marketability worldwide. The company also can make good use of the advancement in technology to market of their financial services. The services can be advertised through the media hence will get fame which in turns brings productivity to the company. The presence of new channels of distribution will boost a lot to the lending success of the company if it opts to maximize on this opportunity
Threats
On threats, there is an intense competition from other companies which operates with the same services. Increase in taxations also poses some threats to the company. The taxation in some countries across the globe has been increased hence is a disadvantageous and bad news to the company. Citi Bank services are also considered by the customers as being much less quality hence posing threats to the company and lastly the local customer services in different geographical locations are threat to the company’s product because the local financial services are more affordable.
Week 3
Goal Choice
The strategic goals that are to be achieve within the time that has been set are growing the profitability and the net income that are generated by the bank. The second goal that was recognized was to please the customer by making ethical financial choses and finally becoming the best bank in the industry the world through the standards of customer service it will be offering to the clients. Out of the three goals, the major priority will be on increasing the level of profitability, and the sales revenues generated. This goal is of great significance because it will determine how well the Citi bank will continue to grow.
Attract
The human resources are working towards making sure that the employees are ready to work towards accomplishing the goal providing positive and ethical customer service. The skills that the employees must possess to ensure that the bank has achieved the goal of increasing the profitability are innovativeness, hardworking, and knowledgeable. These skills are essential for making sure that the goal has been accomplished. A sense of innovativeness is a skill that will play an important part in making sure that the bank has come up with strategies that will improve the performance of the Citi Bank service in the market.
Innovativeness will also ensure that the personal banks and tellers have developed strategies for effectively marketing the service that Citi bank provides as well as looking for a way to promote the service even further. Hard working is a skill that is of significance to the employees because it will guarantee whether they will work extra harder to accomplish the goal. The other skill is knowledgeable. The employees are supposed to have the ability to learn and gather knowledge necessary for the accomplishment of the goal. They are also demanded to can apply the knowledge in efforts to make more sales the strategies used to attract the qualified employees for hire are putting specification of the experiences and the competencies needed for the job. The other strategy that will play a crucial role in the selection of employees is conducting a thorough scrutiny of the candidates in the selection process. These strategies are aligned with the goal of increasing the profitability and the revenues. This method will take into contemplation the diverse workforce of the people who will be skilled. Having diverse workforce will be valuable to the accomplishment of the goal because people are endowed with different capabilities that are crucial to the company’s success.
Develop
Training of the employees will be conducted on a person to person basis although some of the training materials for training will be accessible online. Training will be complete to help be clarify the employees on matters concerning the market.
Areas of training that employees will cover are in the existing market of Citi Bank and the competitors that already exist in the banking industry. This area is significant for the employees to come up with strategies to use. The other area that will be covered are efforts to make a difference and increase revenues. This area is crucial for the generation of strategies to increase revenues.
The current employees should be trained on the technologies to use marketing the financial customer service. The other area where they should cover is the strategies to increase efficiency in their market operations of what the bank must offer in help customer with savings, checking loans etc. These areas will ensure that the revenue generation has increased. The training will be designed in a way that all employees will fit. Further, the employees will be put into teams to improve interactions and make sure that they have worked as a team.
Retain
The two holding strategies that will be efficient for high performing employees are good recompense and benefits packages and the other one ranking the employees per performance. The advantage of good compensation is that the employees will be content. The disadvantage associated with the strategy is that it may overload the firm. The second strategy is ranking the employees based on work ethics and performance. The advantage of the strategy is that it will grow the amount of positive work that the employee is giving to the coming and for the company. The disadvantage is that it might cause unhealthy competition thus affecting the overall performance of the firm.
