Citibank Singapore (Sg)

By: EconomyWatch Content   Date: 28 October 2009

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EconomyWatch, Content Team

 

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Citibank Singapore (Sg) is a subsidiary of Citigroup, the largest financial services company in the World. Citibank Singapore’s business model is based on remote distribution and centralized operations that leverage call centers and direct mail, as there are limited opportunities for physical expansion in Singapore. The bank uses multiple channels and customer touch points to sell products, such as loans and credit cards. The bank also expands its market reach through industry partnerships. Although it entered into the Singapore market only in 2004, with a full license, it has developed a very strong retail network by 2009. 

Citibank Singapore (Sg) – Services 

Citibank started banking operations in 1982 with the help of its Global Consumer Banking Division. The bank entered into retail banking as a wholly owned subsidiary of Citigroup, called Citibank Singapore (Sg), very late in 2004. However, within this short span of time, Citibank Singapore (Sg) managed to become a formidable force in retail banking with a major market share in key businesses, including deposits, investments, unsecured lending and secured assets. 

Citibank Singapore (Sg) – Banking on the Move 

Citibank Singapore (Sg) has launched mobile banking solutions to provide real-time banking information and transactional banking services over customers’ cell phones. With Citibank Singapore (Sg)’s Citi Mobile and Citi Alerts platforms, customers can bank while on the move. For instance, a customer waiting for his salary to pay his credit card bills gets an alert through Citi Alert, once the money transfer is done. Then, he can logon to his account through Citi Mobile and make the payment. Once the payment is made, Citi Alerts send an SMS confirming the payment. Thus, Citibank Singapore (Sg) helps a person manage his cash flow better. The bank is, in fact, leveraging the high penetration of mobile phones and handheld devices in Singapore.

Although Citibank Singapore (Sg) is a late entrant in the retail banking scene, it has scored over its competitors, owing to its utilization of the latest methodology and technology in banking operations. Also, it has been a challenge for Citibank Singapore (Sg) to expand its market share in Singapore due to the country’s limited population. Despite these limitations, Citibank Singapore (Sg)’s continuous growth in Singapore is attributed to the banks staying relevant to the ever-changing customer needs.


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