With the banking sector undergoing an explosive growth the amount of data
with the banks are growing by huge volumes daily. Each service offered by the
bank generates its own set of data which needs to be processed and provider to
the customers.
Company
Citibank started its India operations in 1902 and is headquartered out of
Mumbai. was the first international banking company to enter India. It started
its operations in Kolkata in 1858. Citibank is one of the largest international
banking groups in India.
One of the first foreign banks to start operations in India and to launch
credit card facility Citibank has over 1.5 million credit card holders in India.
In recent years the banking industry in India has shown a phenomenal growth,
which is reflected in the growth shown by the Citibank. The credit card segment
in India has seen rapid growth. Citibank is the first bank in India to launch
credit card facility and has over 1.5 million credit card holders in India.
Challenge
Citibank credit card division is based out of Chennai. It has over 15
different types of credit card on offer today with tie-ups with Master , Visa,
Gold and Diners Card. The individual statement of accounts is generated at the
Chennai office from where it is couriered to the regional office from where the
dispatch to individual customers occurs. This complete process requires a time
frame of about 8-10 days.
In addition there is a huge cost associated with the generation, printing and
distribution of the statements. The existing system would store details of
transactions more than three months old in the offline mode. This translates
into delay in providing customers details of old transactions when requested.
Indian banking regulations demand that data be maintained for a couple of
years. This means high storage requirement.
The Chosen Solution and Implementation
Citibank after due diligence selected Newgens Gold Reports solution to
maintain its Computer generated reports. The solution uses the internet as the
means of delivery.
To process the information the credit card department started the computer
generated reports division in Chennai. All the account statements are collected
centrally here. A database with pre specified fields were created. The details
are indexed and fed into specified fields. This information is then compressed
and stored on the web server.
Security is a major consideration where customer data is concerned. The
security of data is ensured using the in-built multi level security solutions
such as firewalls, filtering routers and encryption. This ensures the complete
safety of data transmitted and ensures that only customers with correct UserID
and passwords are able to view the information.
Significant advantages
The solution allowed Citibank to move its credit card information online. A
customer could log online and view statement online. All statements were also
delivered by email. This allowed to cut down costs related to printing and
dispatching of account statements.
The interface allowed the customers to obtain detailed report and mark points
on the report for future reference or clarification. Even the historical
information is available online allowing for quick retrieval of historical data.
The system is more flexible and allow employees to query an obtain any detail
in a short span of time. Availability of quick information translates into
faster customer service which means higher customer satisfaction.