Citizens Bank, Part 1(A)
In 2018, Citizens was ranked No. 1 in the banking industry for customer experience. More information on this request has been entered on this attached spreadsheet. Below is an overview of the topic.
1. Customer Experience
- In 2018, Citizens Bank was ranked No. 1 out of 15 in the banking industry for customer experience by Temkin Experience Ratings and No. 2 out of 318 in the overall ratings, which included companies from other industries.
- To maximize personalized customer experience, Citizens Bank is committed to using data analytics and artificial intelligence, which has set it apart from its competitors when it comes to offering services to consumers.
- For example, to execute its services with higher speed and agility, Citizens is partnering with FinTech players, such as MassChallenge FinTech program, who link financial services firms with startups that work to satisfy the evolving needs of consumers.
- Citizens was the first regional bank to provide fully integrated digital banking services using a platform called SpeciFi that makes investing more accessible to a large number of customers. Also, in collaboration with Fundation, Citizens introduced a digital small business lending platform that allows small businesses to apply for loans and lines of credit quickly and easily online.
- The bank is also using incentives, applications, and programs that improve the customer experience during transactions. Also, apart from technology and innovations, Citizens has cultivated trust between it and its customers; this is because consumers want a partner they can trust.
- In 2019, Citizens was ranked No. 145 for best employers for diversity in America by Forbes. In 2015, it was identified as a “Best of the Best” in Finance and Banking by Professional Woman’s Magazine. It received this recognition for promoting diverse culture when it came to business and employment by making sure everyone got an equal opportunity in the company.
- The company supports various actions that strengthen its diversity and inclusion. For example, it celebrates and supports the LGBT community, Martin Luther King Day, Helping Girl Scouts WIN, and military men and women.
- Citizens Bank is also committed to providing the best performance for its employees and the diverse communities it serves. It invests in communities it operates in by helping them succeed, including its customers and employees. Since it understands and appreciates the different backgrounds and experiences of its consumers, its customer base has become more diverse and multicultural each passing day.
- The company has Business Resource Groups (BRGs) - associations/groups of colleagues that have a similar interest, identity, or common demographic. It's detected to the LGBT community, women, veterans, among others. BRGs help the Citizens' Bank colleagues to drive the company's business agenda, employee-customer experience, and the company's culture.
3. Community Involvement
- Recently, Citizens received an International Sponsorium Award for improving the quality of community life through its program called Citizens Helping Citizens.
- The company partners with local nonprofit organizations, such as Military Warriors Support Foundation (MWSF), to create links that help communities prosper. Its programs include providing affordable housing, food and clothing, financial literacy, among others, to those in need.
- Last year, its colleagues contributed over 70,000 volunteer hours to serve the community.
- In 2015, through its Matching Gifts Program, Citizens was able to donate $900,000 to eligible nonprofit organizations.
- In collaboration with The Greater Boston Food Bank (GBFB), Citizens Bank tries to end hunger in eastern Massachusetts. It has provided two refrigerated trucks to help GBFB meet the community's need for supplying nutritious food to 550 member agencies. Further, it has offered over 600,000 meals and more than 500 hours of employee time to make sure GBFB's achieves this mission.
- Also, during summer months for the Kids Cafe program, the bank helps in the purchasing of highly nutritious food for five days per week for 1,230 children in need at seven area Boys & Girls Clubs.
- In 2016, Citizens contributed over $1.3 million to over 77 nonprofit financial education programs in its local communities as a part of its annual financial literacy initiative. It has over 400 colleague volunteers trained in the FDIC Money Smart curriculum who help in teaching financial literacy at local organizations.
During our search, we went through the company's website and third-party websites such as Forbes. From these sources, we could find all data needed to answer the research questions. However, we have used an old source from 2015, Investor Citizens Bank, that has information on the award Citizens Bank won in 2015 for diversity. For some sources, we could not find the date they were published, such as Job Citizen Bank.