Citi's New Digital Move

In their continued efforts to redefine banks’ best practices for transparency and establish “responsible finance,” Citi has launched a new B-2-C blog appropriately titled, “The New Citi Blog.” The website is targeted at retail customers, bringing users face-to-face with Citi’s top executives through a combination of blog posts and videos. However, the blog will also enable Citi to reach a Main Street audience outside of their customer base. Citi’s new approach is a welcomed change to the traditional heavy print targeting we see from firms like Goldman Sachs and Morgan Stanley whose crafted campaigns and messages often seem overly massaged.

Though Citi seems a bit late to the digital game—make no mistake—the timing of their entrance into the digital marketing world was thoroughly calculated. In an interview with Forbes, Citi CMO Lisa Caputo explained, “We knew the time to do it was after we repaid TARP money. We made a tangible sign of progress, and it was a logical jumping-off point to engage in this conversation.”

The blog will also serve as a new platform for customer relationship management (CRM). To ensure utilization of the two-way communication afforded by social media platforms, comments and questions are funneled to customer service and handled on a one-on-one basis. Caputo emphasized, “We want consumers to know that this is a place where they will get a response.”

Citi deserves credit for taking this leap and recognizing the value of technology as a tool to reach the public. Admittedly, the blog’s success will be dictated by its ability to attract and maintain an audience. Moreover, there is no guarantee that content won’t be over crafted, serving the goals of Citi rather than providing utility to users.