Citibank Singapore

With the recent turbulence in the financial industry, it is even a greater challenge for banking institutions to stay competitive. One of the ways bank reach out to consumers is through the internet. Here, we would be featuring the website of Citibank Singapore Ltd.

INTRODUCTION

Citibank Singapore Ltd is a wholly-owned subsidiary of Citigroup, one of the world's largest financial services organizations. By combining local expertise with the strength of Citibank's worldwide consumer banking network, they offer some of the world's leading range of financial services including deposit accounts, foreign currency deposits and investments as well as credit cards, mortgages, insurance and charge cards.

DESIGN



Citibank's website layout is plain and simple using colours like blue and white so as to portray a professional image.Navigation is easy on this site, with the products and services being spilt into their various categories such as credit cards, insurance and loans. They also provide easy access to services such as online banking and time deposit board rates. They even provide financial calculators for consumers to have a rough gauge of their financial needs. The tabs on the top of the homepage allows users to access to the entire product category.



Useful information are stated for all their products. For example, Credit cards are listed with card benefit descriptions and application criteria. Potential users are then able to judge for themselves whether the product is suitable and within their means. Rates of the investment products are also readily available at the website for customers to compare with other similar service providing companies.

FEATURES

Security
Citibank Singapore uses encryption for data and information to secure transmission of information along the Internet by encoding the transmitted data using a mathematical formula to scramble the data. They also send customers One Time Pin (O-T-P) as a second-level authentication when customers perform protected transactions at Citibank Online together with the provided Online Security device. An auto log out (time out) will take place in the event that no activity is being performed for a duration of 8 minutes.

a dynamic keypad that changes the number sequence all the time will allow safer log in for customers using the online banking services, this prevents keystrokes being captured by trojans and virus.

Business Model
Citibank Online uses a B2C virtual business model for its ecommerce website. Their website enhances their physical business. They also have another website Citibank Business online website providing extensive banking services that caters to small and medium business enterprises, as such this is a B2B model.

STRENGTHS

• Citibank Online offers a wide range of banking products and services, which allows consumers to compare and choose, thus selecting the product that meets their financial needs

• Citibank Online allows customization of their account homepage to enhance their relevance and user friendliness to the customer.

• Citibank Online provide different security features to complement each other hence ensuring that banking online is safe, secure and confidentiality ensured.

• Online application for credit cards can be done within minutes and the card made ready to the customer within a day. Account openings and funds transfers can also be done within minutes, thus making physical presence at the bank unnecessary.

• The simple but comprehensive layout of the website, allows easy navigation and usage. The useful "Smart FAQs" section also provide help when customers face problems using the website.

• With internet banking services, customers are able to access their account anytime anywhere, demostrating "flow of places to flow of spaces" in the information age.

• Internet banking enables customers to view their banking statements on the screen instead of on paper. Hence, saving the environment and lowering cost for the company.

WEAKNESS

• This service is not suitable for non-internet savvy consumers due to the fact that information is way too overwhelming and disorganised for this group of consumers to comprehend.

• Internet banking is impossible for customers without internet services.

• Potential threats to security still exists despite measures being taken.

CRITICAL ANALYSIS

Overall, www.citibank.com.sg could use some organizational and design help. Restructuring the information flow and adding aesthetic design elements would not only improve the layout of the website, but it would also give users some direction in their search for information while navigating the website.

In conclusion, the website has successfully demonstrated the change from a pure brick and mortar financial business environment before the invention of internet, to a more 'electronic' industry with the use of e-commerce by financial institutions.

The Internet has provided another source of business opportunities for banks. The perks and competitive advantages provided by internet and e-commerce is especially important in the recent turbulent times of the financial sector. Every business, be it big listed companies or individual consumers, could determine the survival of the company.