Citibank's E-Business Strategy for Global Corporate Banking Case Study

Citi depones E-Business Strategy for Global Corporate Banking - Case Study ExampleThe present research has identified that engineering science has brought enormous changes to the business practices. Talking about businesses, technology is non restricted to any one kind of business. With the changing technology it has become an essential graphic symbol of the business practices to adapt accordingly. Changes in technology contribute been followed globally and by every business sector. One of the most important technologies that have caused the most stringy impact on the businesses is Internet. It has revolutionized the ways of doing business. The most enticing change that it has brought by the Internet is E-Commerce. Firms and industries have shifted towards E-commerce. Many firms have used this technology to stack their competitive advantage. Use of meshwork for conducting business has helped in globalization. It has changed the dimensions of emulation throughout the world. Us e of internet has transformed the firms relationships with the customers, employees, suppliers and other logistic partners. E-commerce is basically the use of internet technology to buy and sell goods. E-commerce has led to the emergence of new markets. It has led to the reduction in costs. Many firms that were unable to adapt the concept of using E-commerce have suffered. As mentioned before, E-commerce is not restricted to any one business sector. Banking is one sector that has faced a huge impact of E-commerce on its business practices to such an extent that E-commerce has now become directly linked with the profitability (BECKER, S. A. 2008 MEHTA, V., SUDAN, A. S., & DAWRA, S. 2003 MALHOTRA.P &SINGH.B. 2009) Use of internet has changed the customer needs and expectations. It has also influenced the strategic decision-making of the firms. Banking sector had to come up ways in order to successfully adapt to this new technology. They needed a way to translate their traditional str engths into an internet-based business model so it could work more value for the customers. Use of internet has changed the infrastructure for the delivering of goods. Is has increased the time-span for the customers. Now they can connect with the bank at anytime and anywhere. This means that there has been an increase in the banking hours and customers can avail the banking facilities at anytime especially the transaction facilities. Use of internet to facilitate the routine business practices has led to an immense increase in competition between the firms. Even the use of internet has to be done in a differentiated way. This is exactly how the Citibank incorporated this revolutionary technology into its business model. It not only proved to be successful but set an example for all the other firms that are present within the banking sector (BECKER, S. A. 2008 ENGLER, H., & ESSINGER, J. 2000 UNITED NATIONS. 1998) fountainhead of Differentiation At the end of 1990, Citibank made a change to its corporate bank activities. It changed its corporate business strategy form decentralized to centralized strategy. The bank aimed to build a single