Peluso spoke candidly about the emotional toll on employees as Citi was devastated by the crisis – as measured by its stock price, customer feedback, market share and financial stability. Yet, from a near zero marketing spend only three years ago, Citi has slowly regrouped, and patiently re-entered the marketplace to carefully repair and rebuild its reputation and its relationship with its customers around the world. Peluso explained how, from 2009 to 2011, Citi’s net-promoter scores have dramatically improved in three key categories: banking, mortgages, and credit cards.
Peluso’s presentation focused on several tenets that her global marketing team diligently pursues in order to achieve, what she called, “banking reimagined for the way you live today.” With the Citi’s reputation so badly damaged during the financial crisis, Peluso spoke about the need to “focus on being excellent in our clients’ eyes” in all that Citi does. This mantra of excellence is carried across the marketing disciplines within Citi’s Global Consumer division, from its branch banking services to its online offerings, from its branding and advertising to its social media presence.
Peluso declared that Citi’s return to a trustworthy relationship with its customers must be founded on “clear and distinguished value propositions.” To illustrate examples of such propositions and how they are being communicated, Peluso viewed three current TV commercials for the audience, highlighting two Citi credit cards, the Simplicity Card and the Thank You Card. She explained the importance of rewards as well as manageable interest rates in the offer of these consumer products. To view the commercials, click on these links:
One tenet that Peluso was especially passionate about was the desire to “lead by design.” Borrowing a page from Apple, perhaps, Citi’s retail efforts under Peluso are focusing on the value that design brings to the consumer experience. Peluso provided several examples: to achieve “Smart Banking,” Citi took a fresh look at its branch network and redesigned the physical facilities to better accommodate in-person customers by providing a place where they can be more comfortable, and not just pass through. The goal would be for a Citi branch to be as welcoming as a Starbucks or Barnes & Noble. The new branch design would pick up the “Blue Wave” motif unified by the revitalized advertising campaign in print, on-air and online.
A new overhaul to create a “Smart ATM” will reconfigure the customer interface of the traditional teller machine buttons to a new iPad-like experience. Likewise, Citi’s iPad app has been updated to offer a more intuitive user design, with the goal of providing a best in class experience. On its website, Citi attained “Smart Online Banking” by removing more than 140 links that it no longer believed enhanced customers’ time on its pages.
The technology-minded marketing that is driving Citi’s resurgence is also evident is Peluso’s tenets of providing “personalized digital marketing” through key partnerships with third party leaders such as LinkedIn, as well as “outpacing the competition in social media.” On the social media front, Peluso acknowledged that Citi monitors several hundred online conversations as part of its customer service and marketing efforts. At the forefront of this effort is Citi’s Twitter presence, @AskCiti. Peluso noted that the mandate for the social online experience is simply “Listen, Service, Engage.”
The results of Peluso’s successful marketing strategy and the bank’s well-conceived ramp up in marketing spend have been a measurable increase in both share of voice and brand momentum, two key factors in helping Citi regain a foothold with consumers’ trust, relationship-building, and financial partnership.
Michelle Peluso’s presentation to the FCS underscored Citi’s commitment to return to a cross-category leadership role in defining how financial marketers can best serve their customers.
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