RBS 2004 Annual Report Download - page 49

Annual Review and Summary Financial Statement 2004
Divisional review
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 In addition to lending at the community
banking, middle market and large corporate levels,
Citizens supplements its Corporate Banking with
additional services and expertise sourced from
RBS Corporate Banking and Financial Markets.
Services include interest rate protection, foreign
exchange, cash management, asset finance and
administration.
 Charter One opened 48 new branches,
31 of them at in-store locations, after its acquisition
by Citizens.
 The conversion of Charter One accounts
to the Citizens platform is well under way. The first
group of deposit customers and nearly 475,000
indirect auto loans were converted to Citizens
systems in November 2004.
 In the autumn of 2004, Citizens initiated
a “Switch Support” programme with an automated
concierge service designed to smooth the
transition of customers switching to Citizens
and Charter One from other banks.
 During 2004, the number of Citizens’ online
banking customers grew by 58% to almost 724,000.
Including Charter One, Citizens Financial Group
now has more than 1.4 million enrolled online
banking users.
 Citizens’ new online banking platform
was launched in October. It offers bill payments,
cheque imaging, email alerts and online statements,
and positions its internet banking proposition strongly
against other large banks in the United States.
 Citizens’ new web-based cash management
information reporting system, Money Manager GPS,
features a full line of transaction-initiation options –
including wire transfer, stop payments and positive
pay decision-making. The Cash Management team
invests more than US$5 billion per night in overnight
sweep accounts and services more than 20,000
Cash Management customers.
 Branch automation was enhanced during
2004 in every Citizens Bank branch in the New
England and Mid-Atlantic regions, enabling branch
staff to serve customers faster and more efficiently.
 Citizens is introducing internet-based
paperless loan documentation, online pipeline
reporting and electronic processing to its
Consumer Finance operations, maintaining their
top tier position in the United States.
 Citizens and the Commonwealth of
Pennsylvania announced a partnership offering
US$100 million in loan funds over the next two years
at a low interest rate to companies that agree to
create jobs in Pennsylvania. The Citizens Job Bank
hopes to create 4,000 new jobs across the state.
 Following extraordinary flooding damage
in the wake of Hurricane Ivan, in September
2004, Citizens provided special lending offers
to the community to help support flood relief
efforts in western Pennsylvania. It also distributed
emergency assistance funds to colleagues
affected by the flooding.