Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.
The bank has a total of 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico. The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. In 2016, the United States accounted for 70% of revenues and Mexico accounted for 13% of revenues. Aside from the U.S. and Mexico, most of the company's branches are in Poland, Russia, India and the United Arab Emirates.
Citibank's private-label credit card division, Citi Retail Services, issues store-issued credit card for such companies as: Sears, ConocoPhillips, ExxonMobil, The Home Depot, Staples Inc., and Shell Oil.
As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, was bailed out by aid from the U.S. Treasury. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. government.
| Key people | Luz Marina Caicedo (Chairman of Citigroup) Michael Curvita (CEO of Citigroup) |
|---|---|
| Products | Credit cards Mortgages Personal loans Commercial loans Lines of credit. |
| Founded | June 16, 1812; 204 years ago (1812-06-16) (as City Bank of New York) |
| Headquarters | New York City, New York |
| Industry | Financial services |
NPS is a customer loyalty metric that measures customers’ willingness to not only return for another purchase or service but also make a recommendation to their family, friends or colleagues.
It is a powerful and effective technique, which can greatly increase a company's revenue if used properly.
The main advantages of NPS are close correlation with a company's growth and easy collection, interpretation and communication of the data.
Net Promoter Score is a number from -100 from 100.
Scores higher than 0 are typically considered to be good and scores above 50 are considered to be excellent.
The industry average for Financial Services / Banking is 18.
The final Net Promoter Score of a company strongly depends on a context in which the satisfaction is measured.
Consider an example: If Citibank sends out NPS surveys immediately after purchase, they are tracking their customers' initial excitement and the checkout experience.
On the other hand, if they survey their customers a few weeks after the purchase they are also tracking how satisfied their customers are with their products and services over time.
Therefore, comparing the NPS score of Citibank with your own without any further context is not that useful.
What is extremely useful though, is using the NPS methodology to track the satisfaction of your customers over time. That's where Customer.guru comes in.
How are your customers satisfied depending on:
| Company | Score |
|---|---|
| Citibank | -41 |
| Santander | -25 |
| Bank of America | -24 |
| RBS Personal Banking | -18 |
| RBS Business Banking | -17 |
| HSBC | -14 |
| Wells Fargo & Company | -12 |
| Golomt Bank | -11 |
| NatWest Business Banking | -6 |
| Chase | -1 |
| Score | Date | Source |
|---|---|---|
|
-41
|
2015-01-01 | http://banks.credio.com/stories/4366/2015-u-s-banking-satisfaction-report#1-Current-Customer-Satisfaction-Levels |
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