Citibank 2014 Annual Report Download - page 8

In 2014, Citi continued to harness the power of its unrivaled
global scale and network on behalf of our cardmembers. With
many of the best rewards capabilities and partners in the
industry — including Air France®, KLM® and Hilton HHonorsTM
— Citi introduced a single powerful global rewards platform
in two markets and will continue rollout in 2015. The new
best-in-class experience includes a global rewards catalog,
travel portal, special offers and the ability to transfer points
to loyalty partners.
Citi Branded Cards also made significant progress in
simplifying and standardizing its product portfolio. The
number of product variations was reduced by 50%, and
globally common products were introduced. Following
launches in Hong Kong, Malaysia, Mexico, Singapore and the
U.S., we introduced the Citi PrestigeSM card — Citi’s first credit
card to offer affluent customers a common set of global
benefits and experiences — in Australia, India and Korea.
We also launched the Citi SimplicitySM card for value-focused
customers in Australia and the United Arab Emirates.
In the U.S., Citi Branded Cards continued to enhance
product and reward competitiveness as well as improve
the cardmember experience. In the fast-growing cash back
segment, Citi introduced Citi® Double Cash, which provides
1% cash back on all purchases with no cap on the amount of
cash back cardmembers can earn or category restrictions
and an additional 1% cash back when paying for those
purchases — a combination of benefits that is unique in the
industry. Citi also deepened relationships with key co-brand
partners and announced that we will become the exclusive
credit card issuer of all new accounts for American Airlines
following the integration of the American and US Airways
frequent flyer programs.
Citi continued to expand how ThankYou® Rewards members
can use their ThankYou Points. Members now can transfer
points to elite air and hotel loyalty programs and use points
to pay bills online through a Citibank checking account. Citi
Prestige also was enhanced to deliver greater value, with
more opportunities to earn points on airfare, hotel, dining
and entertainment purchases; expanded airport lounge
access; an annual airline travel credit; and complimentary
hotel night stays.
1Citi Retail Services operates in North America.
2
Does not include approximately 400 Banco de Chile branches, which are
part of a joint venture between Citi and Banco de Chile.
Fueling Digital
Innovation Worldwide
To drive the next wave of innovations that will improve our
customers’ lives, the Global Consumer Bank launched the
Citi Mobile Challenge, a groundbreaking global initiative to
inspire technology developers to reimagine mobile banking
and payments.
For each Citi Mobile Challenge, Citi worked directly
with individual developers, teams and companies from
around the world, providing a suite of tools to help them
create real-world innovations to benefit clients. Selected
participants were invited to present their concepts at
demonstration events before a panel of judges from Citi
and leading technology firms. Each Challenge included cash
awards and the opportunity to work with Citi for a chance to
bring solutions to market.
In 2014, the Citi Mobile Challenge launched in Latin America
and the U.S. Five hundred developers from 19 countries
submitted consumer and B2B solutions from Latin America,
and finalists gathered at events in Bogotá and Buenos
Aires. In the U.S., the Citi Mobile Challenge involved more
than 3,000 developers from 62 countries and featured
finalists at events in Miami, New York City and Silicon Valley.
As Citi evaluates the top innovations, plans are underway to
launch the Citi Mobile Challenge in Asia, EMEA and Mexico.
The Citi Mobile Challenge exemplifies how Citi is striving to
break the mold and think about innovation and development
in new ways to revolutionize the banking experience.
2014 Highlights
Citi Mobile Challenge finalist Luna Chen presented a working
prototype at the Miami Demo Day event on November 14, 2014.
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