Citigroup Introduces Cititrade and Citibank Online, Revolutionizing Online Banking and Investing

Strategic Insights -

Citigroup has announced the introduction of two online services: Cititrade, a new discount, standalone online investment service for the quality-conscious investor, and Citibank Online, an enhanced Internet banking service recently rated number one in online banking by Gomez. The launch of these services further demonstrates Citigroup's commitment to a multi-tier strategy of delivering products to customers through whatever channel they prefer. According to Robert Willumstad, Vice Chairman of Citigroup's Global Consumer Group, "We believe consumers will appreciate and value the superior capabilities we are offering through Cititrade and Citibank Online."

Key Takeaways:

  • Cititrade is a direct brokerage service for the quality-conscious investor, providing a range of products and services from Citigroup's investment and consumer businesses, including research by internationally recognized Salomon Smith Barney analysts and prompt and reliable order processing systems.
  • Cititrade allows investors to buy and sell stocks, including after-hours trading, options, mutual funds, bonds, Certificates of Deposit, Unit Investment Trusts, and Travelers annuity products, with each customer's personal information protected by the use of user names and passwords and 128-bit encryption.
  • In addition to online investing, Cititrade provides a range of support services to make online investing easier, including the ability to open a Cititrade CitiOne account, a central asset account with insured bank deposits or money market funds with sweep features.
  • Citibank Online is a complete financial management center with exclusive special consumer offers and superior functionality, featuring the best of Citibank's award-winning Direct Access online service, including free bill payment, the ability to see all accounts in one place, and access to Citibank products and services.
  • Citibank Online has been rated number one among online banks by Gomez and was ranked number one Overall in the Borrower and One-Stop Shopper customer profiles.
  • Customers can customize their home page with top news stories and set up quick links to favorite websites, access enhanced research capabilities, and use the Help Desk to access online Customer Service, download forms, or set up Direct Deposit.

Statistics:

  • Cititrade provides investors with the means to make informed investment decisions on their own.
  • Citigroup currently has approximately 500,000 online banking customers in the United States.
  • Citibank Online was rolled out across the U.S. in stages, starting with Direct Access users in Nevada.

Sources:

  • Citigroup press release, November 13, 2000
  • Gomez Fall 2000 Internet Banks Scorecard
  • Worth Magazine, September 2000
  • Forbes magazine, 9/13/99
  • Citigroup website, www.citigroup.com