Introduction
Citibank is among the leading banks in the Unites States. Due to its good reputation and competitive pressure the bank has started an expansion programme to other countries especially in the Middle East. The bank has also faced a lot of challenges in meeting the needs of its consumers due to the changes in technology which the world is currently facing. As a result therefore the bank has incorporated e-business strategies which aim at improving its operations and at the same time satisfy the needs of its customers.
Citibank Main Capabilities and Core Competence
Citibank is the only bank in the globe whose bankcard uses the local currency and language of the country which the bank is situated in. The bankcard is readily accepted for purchases, corporate travel, and conducting many other transactions around the globe (Citigroup.com, 2011). The bank uses e-business strategy which makes it easy for its customers to acquire transaction information that enhance the customer’s capability to manage their business capital strengthening the business.
Citibank is a core competent bank and as a result of this its customers always receive value from this added advantage. The bank employs sophisticated mechanisms which aim at improving their operational efficiency so as to satisfy the needs of their consumers. With its multi-skilled staff, use of latest technology and good management strategies, the bank has been able to achieve its targets and at the same time satisfy the needs of its customers. As a result, Citibank is among the most successful banks in the globe.
SWOT Analysis for Citibank
To ensure the success of the company a firm has to have a stable internal and external environment (Gibbert, 2010). This has been the main focus of Citibank for all the years it has been operational a factor which has made the bank to be successful.
The internal factors which affect the operations of the bank can be classified either as being strengths (S) or weaknesses (W) while the external factors which affect the running of the bank can be classified as either opportunities (O) or threats (T). The study of strategic environments which affect an organization is best known as SWOT. This analysis can be used to determine the strengths and weaknesses of a company and how they can be utilized to create a competitive advantage for the company.
Citibank over the years has developed a lot of strengths as compared to weaknesses (Johnston, 2000). It has got a strong brand name with a lot of loyal customers who bank exclusively with the bank.
