Throughout Civilization banking has been one of the life

Throughout Civilization banking has been one of the life blood of
society. Money changing hands have defined how the retail banking works. The old
hand to hand exchanges are becoming a thing of past thanks to new advances in
technology. One of the biggest investors in technology is the Financial
Industry. In the past 10 years, spending on tech has seen a tenfold increase to
$19Billion. Citibank and its expansive global network is one of the leading
players in this Tech Revolution. This was seen when Citibank came up with an
idea of Smart Branches in 2010. A Smart Branch can be described as a futuristic
thing with a vibe of an apple store. And with this Citibank becoming more
digital (CNBC 2018). To prove that the impending change is needed and genuine,
one only need to look at China handling the banking sector, for organizations
such as Alipay and Tencent have more customers than nation’s best banks. A
Citibank official said “Our consumer bank business in Asia draws some 20 Million
visits every month and between 90 to 95 percent of all transactions already
happens outside a branch” (Citigroup Inc. 2018). The SWOT Analysis of the
evolving banking business model is as follows:

Strength

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·      Solid Brand acknowledgement

·      Persistent interest in innovation

·      Expansion of products and Services

Weakness

·      ERP function fails

·      Difficult to do analytics and
reporting

Opportunities

·      Expand Global banking

·      Offer new ways of Banking

Threat

·      Substantial Rivalry

·      Large Investment required in tech

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