Citibank Korea is conducting a ‘Financial
Product Development Contest’ for both customers and employees, in
commemoration of the 200th anniversary of Citi, that will allow the
winner to receive a cash prize of KRW10m ($87,09.97).

Additionally, two ‘best idea’ winners will get
KRW1m from Citibank Korea and three ‘good idea’ winners will be
awarded KRW500,000 respectively.

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The ‘Financial Product Development Contest’ is
taking place between 14 May and 15 June and will be judged on the
basis of commercial viability, ingenuity of the idea, and
expected effect of the proposed financial product. Winners of the
contest will be announced in early August.

All customers of Citibank Korea can
participate in the contest and entries from customers and employees
will be awarded separately.

According to Citibank, the primary purpose of
the contest is to have customers involved in a core business
process of a bank – new product development, and in order for
Citibank to “improve product development capacity and enhance
customer service”.

CEO of Citibank Korea, Ha Yung Ku, said, “We
would like to overcome limitations in collecting ideas within the
bank and develop bank products using ideas directly proposed by
customers.”  

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A number of financial products and
services offered by Citibank are covered by the
competition ranging from deposit and mortgage products to
investment and insurance offerings.

Citibank Korea customers who want to
participate in the ‘Financial Product Development Contest’ can
check the Citibank Korea website and submit ideas in a
pre-designated form via email.