Citibank sets new on-line bank system

Article Abstract:

Citibank N.A. is discarding its core back-office computer systems to build its new Internet banking, brokerage, and financial information service. The service will be test marketed nationwide in 1999, and will be expanded in 2000 to many of the 100 countries where Citibank now operates. Replacing its systems may help it catch up with such Internet financial service competitors as E-Trade, Charles Schwab and Banc One. Citibank has made a deal with Netscape Communications to sell on line, and advanced technology director Edward Horowitz expects this to cut marketing expenses by 20% to 50%. Administrative costs could be reduced to 10% to 20% of costs for branch-based accounts, according to Horowitz.

Comment:

Replaces core computer systems to create an Internet retail banking and brokerage service

Commercial Banks, Commercial Banking, Company Planning/Goals, Services development, New Electronic Marketing, Citibank N.A. (New York, New York), Article

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Trading on E*Tarde's success; Chief has aggressive plans to expand Internet broker

Article Abstract:

Christos M. Cotsakos, president of E*Trade, has radical plans to expand the company's business. E*Trade has rapidly become one of the leading online secuirties trading operations, but Mr. Cotsakos has plans to expand the company's business to include ads, electronic shopping, the Internet, cable TV and other services. This is a radical depature for a financial services company, most traditional securties brokers would frown on this kind of diversification, but not E*Trade. E*Trade has also undertaken a massive marketing campaign to promote its trading services, the campaign has meet with mixed results.

Securities Dealers, Investment Banking and Securities Dealing, Security brokers and dealers, Management, Planning, Economic aspects, E*TRADE Financial Corp., EGRP, Company business planning, Electronic trading (Securities), Online securities trading, Cotsakos, Christos M.

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