The banking industry is competitive with giants such as Chase, Bank of America, Wells Fargo and American Express. Citi Bank is striving to stand out and define their brand as convenient, utilitarian and cutting edge. An article by Adweek quotes Melissa Stevens, Citi’s head of internet and mobile banking explain that Citi aspires to be the Amazon of financial services.
The company is launching new ATMs that remember your preferences and simplify the screens that access deposits can withdrawals. In addition, Citi is launching a new app focused on user experience.
In an interview with Forbes, Michelle Peluso, interim CMO, discusses how Citi has transformed itself in the past few years. They have shifted their operations away from a typical financial services model and really focused on the digital experience. Peluso outlines four main elements that have enabled their transformation into a consumer-focused company.
1) A Digital Company. Citi is changing the way they think about data and measure effectiveness. They are operating in a more agile environment working closely with IT to make frequent changes and innovations.
2) Experience. The consumer experience has to be fantastic and streamlined across platforms. The company really focuses on understanding the digital space and what specifically their consumers want to do there. For example looking at how consumers use their phones and tablets differently and designing apps, interfaces and the Citi experience appropriately for each unique platform.
3) Social. The most important aspect is listening to the conversations their consumers are talking about. The second is engaging with the consumers and helping solve any issues they may be discussing. Also Citi is focused on the social media marketing side.
4) Digital Marketing. Really focused on narrowing the audience to specifically target consumers with the right content. Citi is also really looking at the digital marketing in conjunction with the traditional media sets comparing the traditional media measurements with the web traffic. They look at their marketing campaigns as a whole.
Citi Bank is doing what few other large financial services are doing at the moment, embracing digital, moving quickly and responding to consumer wants and needs. They are strategic in how they are using digital, not just jumping into digital because they should.
The company is launching new ATMs that remember your preferences and simplify the screens that access deposits can withdrawals. In addition, Citi is launching a new app focused on user experience.
In an interview with Forbes, Michelle Peluso, interim CMO, discusses how Citi has transformed itself in the past few years. They have shifted their operations away from a typical financial services model and really focused on the digital experience. Peluso outlines four main elements that have enabled their transformation into a consumer-focused company.
1) A Digital Company. Citi is changing the way they think about data and measure effectiveness. They are operating in a more agile environment working closely with IT to make frequent changes and innovations.
2) Experience. The consumer experience has to be fantastic and streamlined across platforms. The company really focuses on understanding the digital space and what specifically their consumers want to do there. For example looking at how consumers use their phones and tablets differently and designing apps, interfaces and the Citi experience appropriately for each unique platform.
3) Social. The most important aspect is listening to the conversations their consumers are talking about. The second is engaging with the consumers and helping solve any issues they may be discussing. Also Citi is focused on the social media marketing side.
4) Digital Marketing. Really focused on narrowing the audience to specifically target consumers with the right content. Citi is also really looking at the digital marketing in conjunction with the traditional media sets comparing the traditional media measurements with the web traffic. They look at their marketing campaigns as a whole.
Citi Bank is doing what few other large financial services are doing at the moment, embracing digital, moving quickly and responding to consumer wants and needs. They are strategic in how they are using digital, not just jumping into digital because they should.