Citigroup Ranked First in Greenwich Associates Benchmarking Study Leading Competitors by Wide Margin
Greenwich Associates Study of Cash Management Internet Applications Ranks CitiDirect® Online Banking First Overall And Winner in Numerous Categories
30 June 2003, New York - Citigroup's CitiDirect® Online Banking ranked first in an independent benchmarking study of Internet-based cash management applications for US corporations and financial institutions conducted by Greenwich Associates, a well known institutional research firm. CitiDirect® Online Banking received a score of 92 out of 100, compared to its next closest competitor who received a score of 73.
According to the study, CitiDirect® Online Banking has the best overall usability and features; best site management at the country and regional levels; best organization and integration with other bank applications; best Internet accessible products and services such as collections and disbursements; transactions and investment services; and superior information access and reporting receiving a score of 100 out of 100 in that category.
"We spent several years building our Internet capabilities based on direct input from clients. CitiDirect reflects our commitment to deliver continuous innovation to clients allowing them to improve efficiency. Reducing the workload of corporate treasurers and cash managers allows them to take on a necessary, more consultative role within their organizations. With complex business pressures affecting organizations worldwide, clients turn to our relationship managers for critical counsel and guidance. We are proud to serve as their trusted advisor and leading this study tells us that we are succeeding in that effort," said Paul Galant, Global Head of Cash Management, Citigroup Global Transaction Services.
"CitiDirect® Online Banking's performance in winning six of seven overall categories in this study was truly impressive. Their single password access and consistent user interface across multiple applications were unique, helping enable a perfect score in the information access and reporting category. Using 35 performance factors, weighted based on importance to corporate treasurers, our consultants spent more than 20 hours evaluating the Internet-based applications of each bank in this study. CitiDirect was outstanding on many levels," said Steve Busby, Principal, Greenwich Associates.
Named Best of the Web in the Financial Services category by Forbes.com in the fall of 2002, CitiDirect Online Banking has also been recognized by numerous trade journals throughout the world such as Global Finance, Treasury & Risk Management, FinanceAsia and Euromoney - including being named the Best Web Site for Cash Management Services by euromoney.com in 2002 for the second consecutive year.
CitiDirect® Online Banking, available in 20 languages, not only increases efficiency and improves the ability of corporate treasurers to make critical cash management decisions, but also provides access to the portfolio of corporate banking services provided by Citibank all over the world. To view an online demo and take a guided tour of CitiDirect® Online Banking's capabilities, please visit www.citidirect.com.
Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading provider of integrated cash management, trade and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 85 billion in average liability balances, more than $ 5 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.
About Greenwich Associates and the Greenwich Associates Benchmarking Study
Greenwich Associates is the premier international research-based consulting firm in institutional financial services worldwide. Greenwich studies provide benefits to the buyers and sellers of financial services in the form of benchmark information on best practices and market intelligence on overall trends. Based in Greenwich, Connecticut, with additional offices in London, Sydney, Toronto and Tokyo, the firm offers over 100 research-based consulting programs to more than 250 global financial services companies. The Greenwich Associates Benchmarking Study of Internet-based cash management applications was the first in a series of annual benchmarks. Five banks participated in this inaugural study. The 35 performance criteria used in the study are the result of research with over 300 treasury executives at large US corporations to determine their relative importance. This study is not the result of interviews with corporate users of cash management Internet applications. Greenwich Associates maintains its policy not to allow data obtained in its market surveys to be used publicly.