[SEOUL,Korea=Whowired] May 14, 2012 -- Citibank Korea, Inc. (CEO Ha Yung Ku, www.citibank.co.kr) will hold the “Financial Product Development Contest” open to Citibank customers and employees from May 14th to June 15th in commemoration of the 200th anniversary of Citi.
 
The areas of competition cover diverse financial products and services offered by banks including investment and insurance products as well as traditional products such as deposit and mortgage products.
 
All customers of Citibank Korea Inc. can participate in the contest and entries from customers and employees will be awarded separately. A “grand prize” winner will receive 10 million won and two “best idea” winners will get 1 million won and 3 “good idea” winners will be awarded 500,000 won respectively. Ingenuity of the idea, commercial viability and expected effect will be reviewed for each entry in overall assessment to select winners. Through fair and strict judgment of selection committee within the bank, winners will be announced in early August.
 
Customers who want to participate in the contest can refer to the participation guidance at CKI website (www.citibank.co.kr) and submit ideas in a pre-designated form by an email(innovation@citi.com).
 
(When further information on ideas need to be presented in addition to the designated form, it may be submitted in less than 5 pages in a free format. All submitted ideas will not be returned and copyright of winning ideas will belong to Citibank Korea Inc.)
 
Having the contest launched, Ha Yung Ku, CEO of Citibank Korea Inc. said, “We would like to overcome limitations in collecting ideas within the bank and develop bank products using ideas directly proposed by customers.” “We expect a virtuous cycle of giving greater benefits and satisfaction to customers through products developed by valuable ideas from customers,” he added.
 
An official from Citibank said, “It is notable introducing a product development process open to customers” As for the purpose of the contest he explained, “By having customers involved in a core business process of a bank - new product development, the bank can improve product development capacity and enhance customer service.”

News Source: Citibank Korea Inc.

Web Site: http://www.citibank.co.kr

Media Contact
Shin, Hyeon Jeong
Communication Dept.
Citibank Korea Inc.
+82-2-3455-2330
hyeonjeong.shin@citi.com