Retail banking restyled.

April 23, 2010 4:48 PM By Chris Kay, Managing Director, Head of Innovation

With the launch of our first two new retail branch experiences in Tokyo last week, we're on our way to a reinventing banking to be more customer-centric. We are moving away from the banking model that requires our customers to come to us, to a model where we are everywhere for customers when they need us. We're starting with a new branch that makes banking simple and easy, and allows our customers to have a deeper discussion with Citi about their financial needs.

The experience includes state-of-the-art touchscreen workstations that our customers can use to complete their daily banking needs on their own, assisted by branch staff, or by video link to online advisers. We're looking at all these experiences being delivered seamlessly to the home, mobile phone, web, or whatever way in which our customers choose to engage.

Citibank Japan and Citi's Growth Ventures & Innovation team supported by Citi Global Branding developed these new concepts after extensive consumer research examining customers' current and future needs. As Citi's CAO, Don Callahan told the Wall Street Journal for its April 13 piece (subscription), "Citi Gives Branches a High-Tech Look," this marks the biggest change in retail customers' experience since the debut of the ATM four decades ago.

What is so compelling is the shift from a one-size-fits-all retail bank to full-service banking anytime, anywhere. Market conditions have made Japan the right place to develop this functionality, but its success should help us build a global template. In some ways, we're viewing Japan as a lab for the whole world.

*Tagged as: innovation

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Comments

12/25/10 6:37 PM Posted by Sheila

This is the worst bank I have ever dealt with. They are using bullying tactics, their accounting is deplorable, their service reps are non-client oriented, they take bonuses for doing absolutely nothing other than being big shots. These big shots needed a bailout. We should have let them sink! It would have been no loss.

10/15/10 5:42 PM Posted by jim

I'M A CITIMORTGAGE CUSTOMER AND I'VE EXPERIENCED FIRST HAND THE NEW CITI BANK! I APPRECIATE THE HELP, NEW ATTITUDE, AND UNDERSTANDING AND AMERICA WILL ALSO.

08/31/10 1:53 PM Posted by SMS

I agree with the doing away with one-size fit all. Also customer centric in retail banking is key. However, lets not forget our senior population, who regardless of "state-of-the-art" branches, still want to sit with a banker and interact with a teller.

07/30/10 4:41 PM Posted by WShaw

I'M A CITIMORTGAGE CUSTOMER AND I'VE EXPERIENCED FIRST HAND THE NEW CITI BANK! I APPRECIATE THE HELP, NEW ATTITUDE, AND UNDERSTANDING AND AMERICA WILL ALSO.

05/04/10 8:03 PM Posted by Meredith

Many of your retail branches in Manhattan need a big facelift. And you need more ATMs.

05/06/10 2:36 PM Posted by Citi replied to comment from Meredith

Thank you for your comment. We take the condition of our branches very seriously. As a matter of fact, by the end of 2009, we'd renovated 54 of our 65 Manhattan branches and 29 of our ATM lobbies. And we're sorry that you feel we don't have enough ATMs. We currently have 642 Citibank owned and operated ATMs, with another 88 in various locations throughout the city. You can visit Citibank.com to find a branch or ATM closest to you.

04/28/10 8:14 AM Posted by RAH

Finally .. a financial institution that may understand true customer service. You begin as you are here, by reaching out, and dropping the 'attitude'. Citi Bank, I hope your serious .. I would make the move.

04/24/10 10:17 AM Posted by rpk

We are heading towards an excellent initiative which is truly a step ahead then all the other banks, and also we should be compliance conscious as per JAPAN is concerned