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The following Strategic Management plan evaluates Citigroups competitive position and internal and external environments to determine strategic direction Alternative strategies are then derived and chosen The plan recommends that Citibank select to expand its insurance business to foreign markets by focusing on online banking and the consumer demand for online financial processing It analyzes how Citibank differentiates itself from the competition by offering a broad line of products and services and exploiting cutting edge technology to support global online banking transactions It also explores the threats opportunities weaknesses and strengths impacting Citibanks success in competing for online banking market share Online banking has brought traditional financial functionality into Cyberspace The Compounded annual growth of online banking since 1994 has been 80 Worldwide more than 100 million households now bank online Looking ahead usage is projected to increase to 50 million US households Worldwide the total is expected to triple to 300 million or more households Online Banking 2003 Internet Banking enables financial institutions to market and sell new products increase their end user base and build longer lasting relationships Launching online banking services requires minimal demand on the banks existing infrastructure and resources With Internet Banking the Internet branch serves as the financial hub for end users online banking needs and strengthens the brand and image Banks view online banking as a powerful value added tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment The key benefits of online banking to businesses and consumers are time and convenience This convenience is the driving force in the demand and increase of online banking T Below are the top 5 reasons why people have chosen to bank online Convenience Unlike your corner bank online banking sites never close and theyre only a mouse click away Ubiquity If youre out of town you can log on instantly to your online bank and take care
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