Technology Strategy-Innovating for Growth of Citibank

Abstract

IntroductionANZ is an international banking and financial services organization based in Melbourne, Australia. It builds itself through rapid market expansion and acquisitions over the years to become one of the AsiaPacific Region's largest financial institutions. ANZ takes pride in being -a different addressing more active roles in the community and the environment it serves. To date, ANZ Group has operations in 32 countries and serves more than eight million customers worldwide, with principal markets in Australia and New Zealand and the growing markets of the Asia Pacific Region, Middle East, Europe and the US(Marketline, 2013).Its unique portfolio of specialized businesses offers a full range of financial products and services, including mortgages, credit cards, corporate lending, asset finance, and more sophisticated investment banking products. ANZ has positioned itself as one of the leaders in technological advancements and innovations in the banking industry. Its technology vision is -Automated, seamless, straight -through processing, E-banking with a human face. ANZ technology infrastructure enables complex integration like CRM system to operate effectively.ANZ's CRM SystemANZ's CRM system integrates various business units, processes, and managerial skills. Its CRM system is one tool to maintain a competitive position in the market especially in Internet Banking services. CRM system enables ANZ's Internet Banking to become one of core strengths and expand its market share since it started operating in 2010.CRM system connects ANZ's business partners. The connectivity enables a systematic operation between the front office workers and support office workers. Sharing of information and knowledge between all business units facilitates department to department communication and e-customer service. On e-customer service, a phone-based help desk is open 24/7. ANZ keeps a large database of its customers and uses this database to develop marketing opportunities.CRM Works in a Loan ApplicationAt ANZ, the integration of front office and back office functions enables quick turnaround time for customers. On-line processing of loans is one of the ways that ANZ sustains its competitive position. Personal loan applications are completed on-line. A loan application made at any front office is processed at the back office subsidiary. Background checks on customers via the internet are completed with the Credit Bureau to avoid delays with loans processing(ANZ Bank, 2013).CRM is also related to knowledge management which enables effective problems solving and decision making. It allows loan officers to identify potential defaulting and high risk customers and do customer profiling which in turn increases staff productivity. Employees are able to close more deals with increased customer satisfaction, loyalty and retention.An effective collaboration and management of people, processes, culture, and working environment is essential to implementing a successful CRM system. The home loan case study demonstrates how the integrated CRM system works in ANZ. Effectiveness of the process reflects participatory interactions among business units in ANZ in carrying out a single task (Deogratias, 2012).CRM and Knowledge Based ManagementEnterprise Knowledge Portals (EKP) are the doorways into many knowledge management systems. ANZ etransformation vision directs the bank in a very important route using its technology capabilities to offer employees and other users' better chance to create and share information. This can be done through its intranet server where employees exchange and share information. In Australia and New Zealand, ANZ has recently launched new products like Money Manager, a money managing program that uses social networking sites such facebook, as a means whereby clients can share information with the bank or others.Digital ANZ BankANZ has introduced a major investment program. …