CitiDirect® Online Banking Ranked Best of the Best by Greenwich Associates for Second Consecutive Year
Citigroup's Corporate Banking Platform Ranked Number One in Benchmarking Survey Comparing Leading Cash Management Internet Applications
New York, May 26, 2004 – Citigroup's CitiDirect® Online Banking took first place in an independent study by Greenwich AssociatesSM evaluating the Internet-based cash management applications of ten leading banks in the U.S. For the second year in a row, the respected institutional research firm chose CitiDirect as "best in class" among cash management Web sites for U.S. corporations and financial institutions, giving it an overall score of 94 out of 100.
The study ranked CitiDirect Online Banking number one compared to competitive offerings, based on 31 evaluation criteria in the areas of usability and features; site management and integration; and online products and services. Clearly outperforming the other banks, CitiDirect ranks first or tied for first in 20 of the 32 categories. CitiDirect, available in 21 languages and providing information and transaction services to clients in over 90 countries, received perfect scores across the board from Greenwich Associates experts in all areas related to country and regional management functionality and availability. It also received top marks in the areas of integration, both cross-product integration and integration with clients' systems, and in categories related to overall functionality and availability of products and services, including active investments and trade services.
"We have involved clients in the development of our Internet-based banking offerings to ensure that our products truly meet their needs - and set the standard for the industry," said Paul Galant, Global Head of Cash Management, Citigroup Global Transaction Services. "Our focus from the beginning has been to provide corporate and institutional clients with a single point of access for online cash management and trade transactions and reports, no matter where they do business around the world - and to back up these offerings with expert advise and around the clock client support. This study tells us that our strategy and its execution have been both sound and successful. However, that does not mean that we can take our success for granted," he added. "We must - and will - continue to enhance the CitiDirect application so that it remains best of breed and meets the expectations of the corporate treasurers and cash managers who rely on it to run their operations."
"CitiDirect Online Banking stands out in a highly competitive peer group, driven by strong product functionality, focus on client workflow, and many unique value added features. Online cash management functionality in the market overall continues to evolve at a rapid pace, and Citibank's ability to stay ahead of the pack is impressive," said Steven Busby, Principal and Director of Business Development, Greenwich Associates.
One of the largest and most widely used online corporate and institutional banking services in the industry, more than $33.4 trillion in transactions have been processed through CitiDirect to date. CitiDirect® Online Banking increases efficiency and improves the ability of corporate treasurers to make critical cash management, trade and liquidity decisions. To view an online demo and take a guided tour of CitiDirect Online Banking's capabilities, please visit www.citidirect.com.
About Citigroup
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 $ 92 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.
Citigroup Global Transaction Services is part of Citigroup's global corporate and investment banking group, which provides complete financial solutions to corporations, governments and institutional investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupgcib.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. It provides buyers and sellers of financial services with 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 more than 100 research-based consulting programs to more then 250 global financial services companies. The Greenwich Associates Annual Cash Management Website Benchmarking Study was launched in 2003. Five banks participated in the inaugural study, and 10 banks participated in the 2004 study. The 31 performance criteria used in the study, and their relative importance, were determined based on research with over 300 treasury executives at large US corporations. This study is based on objective evaluations by a panel of Greenwich consultants and is not the result of interviews with corporate users of cash management Internet applications. Greenwich Associates policy does not allow data obtained in its market surveys to be used publicly.
