Citibank Reduces Statement Production Cost by 33% with Elixir and Xerox Czech Republic
Citibank Czech Republic (Citibank Europe plc, organizacní složka) is a wholly-owned subsidiary of Citigroup Inc. (USA). Citibank has been present in the Czech Republic since 1991 serving small and medium businesses, and began offering retail banking in 2001, with services such as personal loans and accounts, credit cards and private banking. The subsidiary has been an Elixir Technologies customer for document composition and production since 2001. Xerox Czech Republic, an Elixir partner, provides print and select data processing as an outsourced service to Citibank Czech Republic. The company also sells publishing printing systems, printers, copiers, scanners and faxes, as well as document management software.
Citibank Czech Republic wanted to offer electronic statement delivery to satisfy an increasing number of customer requests and to reduce their statement production and mailing costs. At the time, Citibank processed over 350,000 corporate statement pages per month and their costs were increasing incrementally as their business grew. Together, Citibank and Xerox determined that the inability to provide electronic delivery was leading to unnecessary printing and mailing for customers who did not want to receive printed documents. Since corporate statements are associated with one of Citibank’s most significant customer segments, any interruption would have a negative business impact. The challenge was to add electronic delivery as an option for customers who wanted it with little to no disruption to the bank’s critical statement production.
Using software from Elixir, Xerox Czech Republic devised two processing improvements that offered significant production cost savings to Citibank.The first is an electronic statement archival system that not only streamlined the document archival process, but also increased archive search and retrieval speed.The second is the implementation of an email delivery option for corporate customers, who now can receive their statements faster. As a result, Citibank is continuing to decrease its print processing and mailing costs as more corporate customers choose direct email delivery.Equally important, the new systems were implemented within 8 hours, over one night — with no disruption to the critical processes that would have affected Citibank’s important customer base.
- Statement production cost reduced by 33%
- 1-day system implementation with no production interruption for the business
- Improved statement delivery service for customers
- Faster statement archive and lockup for Citibank staff