Integrating innovation with strategy: the Citi way
Sanjeev Mehra, Head of Global Product Development, Global Consumer Technology, Citi Singapore, says CITI defines banking innovation as happening across three domains: the customer experience; products that the bank offers; and the bank’s structure and internal processes that relate to how it serves its customers.
In an exclusive interview with Fintech Innovation, Mehra talks about the changing business environment brought about by the confluence of digitally-enabled customers and the disruptive influence of Fintech startups on banking services.
As a result business models of banks are changing and with these the role of information technology. He concedes that previously the role of technology was to align itself to the business strategy and deliver these strategies in the most cost-efficient manner.
In the video interview above Mehra he talks about new business models like aggregator platforms, the unbundling of business models, and mobile financial services centered on superior customer experience. He talks about Citi’s strategy to meet the changing banking paradigm including being present in the platforms or channels chosen by the customers. He concludes by suggesting that banks need to have an open mind to future possibilities, including the benefits of partnerships enabled by Open APIs.