In the first course of this specification, digital competition in financial industries,
we talked about Citibank.
In particular, we discussed Citi Pay as an instant,
as a Mastercard's Masterpass.
Citibank was a little late
to digital innovation game but has more recently picked up as digital game.
Beyond Citi Pay, Citi has set up digital labs for
startup innovations connected to tech companies,
renovate its backbone technology infrastructure,
and transform this work in practice to deliver several clever apps for smartphones.
Apps that are led to a steady stream of customers transitioning to Citi.
In 2017, the bank won Euromoney's Global Digital Bank award.
According to Stephen Bird,
CEO of Citi's Consumer Bank,
Citi's up on a journey to become a future proof to the digital bank.
As part of this journey,
Stephen Bird run an exercise with his senior management team.
In this exercise, the team had to
imagine that they were no longer running a consumer division of
a 200-year old bank with millions of customers in 19 countries.
Instead, you should imagine yourself running their own first nightmare,
a state-of-the-art think of disruption that would make Citi itself redundant.
He then told his team that they must build that disruption themselves.
In this case options,
you're challenged to investigate how Citi can become self-destructive.
You should explore what Citi has to do to
lead the disruption and not to be a victim of the disruption.
Start refreshing your knowledge about Citibank,
by watching the videos about digital business ecosystems,
where we discussed Citi's collaborations.
There were also a few additional texts in a reading that follow up this video.
Your specific questions are for
diagnosis: how could you describe Citi's future digital ecosystem,
and, what should be Citi's position in this ecosystem?
For the prescription part,
what capability does Citi have to develop to
successfully claim this position in the ecosystem?
If you choose this option for case analysis,
make sure that you weave these questions together into a story about how Citibank can
transform to leverage the new possibilities in the digital financial industry. Good luck.