Citibank’s saying bye bye 👋👋
This week Citibank announced their decision to exit their credit card and retail banking interests
in India. The bank has decided to exit from 13 countries India being one of them. Currently their strategy is to find a suitor for their retail (2.9 million) and credit card (2.2 million credit card) customers and transfer these accounts to the another bank.
While this has been announced as a larger global strategy for Citibank, we can’t help but wonder whether the rise of local Fintechs has played a small part in this consolidation?
Flipkart acquires Cleartrip
As a brand they pioneered great design, user interface and online experience for their consumers since 2006. They were the first Indian tech company to stand out for their UI/UX. We remember there was a time when startup founders used to tell their designers “I want it to be as a clean and crisp as Cleartrip”.