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Day: December 2, 2018

Citibank's Transformation of Traditional Money Management Into E-Business

Citibank's strategic intent is to convert its traditional money management business into an e-business framework. How does Citibank transform its traditional assets into digital assets? What issues, if any, do you envision that Citibank must overcome in order for the implementation to be successful?

According to Porter two main ways for a company to compete are on cost advantage or on differentiation. Citibank chose not to compete on price, but instead chose to compete on differentiation.

Since many other companies have similar products and services, Citibank bases its differentiation on customer service. Traditionally, this involved "offering telephone hotlines, relationship managers who understand clients' needs, product consultants who provided service expertise and most important, continuous investment in technology to support both the front-end and the back-end electronic banking systems". In order for "successful" transformation of traditional assets into digital assets the company must maintain or enhance its differentiation. Since the company's differentiation is based on customer service, that means that in the transformation from traditional to digital assets the company must continue to be highly responsive to the customers' current and future needs, and must do so to a higher level than the competition.

One main way that Citibank achieved transition from traditional to digital was through alliances with such technological companies as Oracle, Commerce One Inc., SAP AG, Wisdom Technologies and Bolero.net. Earlier the company invested millions of dollars on its own in multiple areas of e-business, and failed. Technology is not Citibank's area of ‚Äč‚Äčexpertise, and it found dealing with constantly changing technology to be an expensive struggle, which it extremely lost. However, by 2000 Citibank had changed its strategy to one of garnering alliances and using its partners' strengths to create the technological infrastructure that the company needed to access markets and meet its customers changing demands. Working through alliances reduced Citibank's risks and costs, increased its effectiveness, and allowed it to remain flexible in meeting changing technological and customer demands.

Customer claims variants, both in the short term and long term. According to McCauley and Kahn, one of the most important obstacles for Citibank to overcome in migrating customers from traditional to digital service was meeting their deep concern concerns about security. While to some degree this hindered Citibank's efforts in rolling out web-based applications, Citi did actively implement "multi-layered security architecture … public and private access keys, single-use passwords and multiple authorization controls" in order to meet customer needs (2002, p. 9). In addition, with digital processing it looked to transform repeatable processes that could be "commoditized" into an efficient digital factory. Commoditizing repeatable processes improves efficiency, but also allows resources for additional regional focus – localization. So too, Citibank's strong brand name is a resource that translates into increased trust as a "trusted provider" when competing with Deutche Bank and other competitors. In fact, most Fortune 500 companies assign value to Citibank's specific offerings, and prefer it to other international payment providers. Citibank, then, offers multiple areas of value to customers.

The key question, however, …

5 Things a Child Knows About Technology That You Don’t

How do you feel about your kids? Ever felt they are smarter than you about Technology? How could you tell? Do you have living proof? This article demonstrates this fact. Read on to find out.

Here are a few examples:

1) Your kid is faster than you at figuring out and playing computer games. They know better when to hit enter, spacebar, ESC key and arrow keys. In fact, they are better than you at playing these games.

2) Your kid is better at discovering new stuff about your cell phone, which you never knew existed. Take all the help you need from your kid.

3) Your kid knows the easiest way to find information by giving a search on Google bar. They will use simple non-connecting words and yet they will find the required information.

4) They will find a way with other digital gadgets before you and work on them intelligently. In fact they can pace up with technology faster than you. So be sure to interact with them.

5) How about a toy car, train or Lego set? After you have shown them the main theme behind them, they will be more creative and discover further innovative stuff about them and show you which will surprise you very much.

So never underestimate your child. Play and laugh with them with digital gadgets or toys. You will always have a lot to learn from them. They will teach you in a way that you can never teach them.

The five ways I demonstrate here really exemplify to you how amazing kids can be. So feel great that your kids are smart and the more they grow up, the more they will outsmart you. Take it easy and as fun. There is nothing much to worry about. You just get smart too by learning and picking up cues from them.

Never belittle them or hush them away. Encourage them always their creative and bright sides with Technology and they will grow and mature in ways that you may have never imagined. It is your duty to bring out the very best in them. So help them with their curiosity and inquisitiveness about Technology. They will feel gratified and fulfilled, which in turn will give you immense joy and bliss.

So feel great to be proud parent and everything will fall into place. No matter what, you, along with your special kids, will thrive!!…