RealTime IT News

Citibank Drops Anchor on Netscape Portal

Citibank made a splash into the portal arena as it announced today an agreement with Netscape to be the anchor tenant on Netcenter's new Personal Finance Channel.

Under terms of the agreement, Citibank will receive exclusive branding and positioning on the front screen of Netcenter and its Personal Finance Channel, with additional semi-exclusive sponsorships on subchannels devoted to financial services. Citibank will also receive positioning on Netcenter's homepage.

The finance channel is designed to incorporate resources allowing Internet users to manage their finances and conduct financial transactions online. Netscape said it will provide Citibank with a way to reach the active financial services consumers online, as well as offer access to millions of new customers using a global touchpoint.

The three-year, "pay for performance" agreement represents the first such agreement for Citibank, which said its goal is to increase its customer base to 1 billion by 2010. Financial specifics were not disclosed.

"We see the Web as offering the interactivity that we can't do in visible space," said Josh Grotstein, division executive of global Internet/intranet programs for Citicorp. "We will offer our current services through the Personal Finance Channel, and also will be developing new e-commerce products and services."

From tracking stocks and portfolios, to researching potential investments, and to applying for mortgages and insurance policies online, the companies commented that the Netcenter Personal Finance Channel is intended to offer a spectrum of informational and transactional resources. The new channel will debut on Netcenter this fall as part of a fall line up of new consumer channels, Netscape added.

"This agreement represents a first for new channel sponsorships in the budding Internet portal industry," said Jim Barksdale, president and CEO at Netscape. "Citibank demonstrates how a leading company can not only leverage Netscape software to create state-of-the-art financial service applications, but also take advantage of our Netscape Netcenter portal site to promote its services and strong brand to the millions of Internet users who visit Netcenter each day."