Generally speaking, the paper "Citibank Innovation from Historic Period" is a perfect example of a business case study. Comprehending how to successfully manage innovation is critically crucial, especially now when innovation is considered a compulsory strategy for survival (Ortt & Duin, 2008, p. 522). Even though since late 19th-century management of innovation was performed professionally, Haga (2015, p. 120) posits that innovation management after the Second World War became crucial to the technology as well as economic survival of companies and nations alike, which resulted in prevalent utilisation of scientific research into the management of innovation.
According to Smith (2007, p. 530), if the business has to be completely professional, it must utilise the past incidents to guide as well as inform the existing actions; that is to say, developing a successful business organisation needs that the past mistakes are not repeated sooner or later due to ignorance of the past. The institutionalists as stated by Jacoby (2010, p. 209) depended somewhat on historical evidence so as to relativize the markets as well as to exhibit the agentic, mutable, as well as contingent facets of social economy.
The historical innovation patterns are typified by complexity, which reflects the diversity of technology creation processes and the economic activity heterogeneous nature across countries as well as sectors. Such attributes as observed by Bruland and Mowery (2005, p. 349) make it difficult to build all-encompassing historical development schemas. The majority of the existing historical evidence guiding the historical innovation study are inclined to highlight exhibit the formal and conceals the informal processes of gaining knowledge, learning, and diffusion fortifying change in technology (Bruland & Mowery, 2005, p. 373). Innovation, as defined by Fagerberg (2005, p. 3), is idea commercialisation.
Therefore, when a company has easy access to the diversity of sources then the insights achieved from such sources can be combined invaluable and creative ways (Mol & Birkinshaw, 2009, p. 1272). The essay seeks to provide a justification proving that Citibank was innovative during the historic period. Discussion For many years, as mentioned by Knowles et al. (2010, p. 97), Citibank had petitioned both Labour as well as non-Labour Governments with the intention of attaining a full bank, and consequently the right of raising retail bank deposits so as to compete directly with the domestic banks in the Australian banking system that was tightly regulated.
Citibank effort to access Australian banking since 1916 had continually been frustrated by the regulatory protections that favoured the domestic banks as well as other restrictions such as exchange transfer and foreign ownership. Still, the interest of Citibank in Australia heightened considerably in the 1960s and subsequently acquired significant minority shares in CitiNational, and Industrial Acceptance Corporation (IAC) and 50% share in First National City Bank of New York (FNCB).
During the period between 1974 and 1977, Citibank helped in preventing a major Australian corporate crisis by taking full ownership of Industrial Acceptance Corporation, and this development offered a foothold to Citibank’ s ultimate achievement in attaining Australian full bank status (Knowles et al. , 2010, p. 98). Citibank started expanding its product line after 1891, opened new locations as well as widened its customer base. According to Huertas (1985, p. 148), it introduced a multidivisional structure that was decentralized and was eventually successful in separating management as well as ownership. Consequently, Citibank developed into a fully contemporary company and became a key player in the financial services industry.
Battilossi, S., 2000. Financial innovation and the golden ages of international banking: 1890–1931 and 1958–81. Financial History Review, vol. 7, pp.141–75.
Broaddus, A., 1985. Financial Innovation in the United States - Background, Current Status and Prospects. ECONOMIC REVIEW, pp.1-21.
Bruland, K. & Mowery, D., 2005. Innovation Through Time. In The Oxford Handbook of Innovation. Oxford: Oxford University Press. pp.349-79.
Businessweek, 2000. CHAPTER 26: To Hell And Back. [Online] Available at: http://www.businessweek.com/chapter/zweigch.htm [Accessed 7 October 2015].
Cleveland, H.v.B. & Huertas, T.F., 1985. Citibank 1812-1970. Havard: Harvard University Press.
Covington, H.E. & Jr., M.A.E., 2001. The Story of NationsBank: Changing the Face of American Banking. Chapel Hill, NC : UNC Press Books.
Davis, L.E. & Gallman, R.E., 2001. Evolving Financial Markets and International Capital Flows: Britain, the Americas, and Australia, 1865–1914. Cambridge: Cambridge University Press.
Dezalay, Y. & Garth, B.G., 2010. The Internationalisation of Palace Wars: Lawyers, Economists, and the Contest to Transform Latin American States. Chicago : University of Chicago Press.
Fagerberg, J., 2005. Innovation: A Guide to the Literature. In Fagerberg, J., Mowery, .C. & Nelson, .R. The Oxford Handbook of Innovation. Oxford: The Oxford Handbook of Innovation. pp.1-27.
Frieden, J., 2015. Banking on the World: The Politics of American International Finance. New York: Routledge.
Grant, J., 1996. Too Big to Fail?: Walter Wriston and Citibank. [Online] Available at: https://hbr.org/1996/07/too-big-to-fail-walter-wriston-and-citibank [Accessed 7 October 2015].
Grant, E., 2005. Peregrinations: A Man's Journey. Bloomington, IN : iUniverse.
Haga, K., 2015. Innovation and entrepreneurship in aging societies: theorical reflection and a case study from kamikatsu, Japan. Journal of Innovation Economics & Management , vol. 3, pp.119 - 141.
Ho, H.C.Y. & Chau, L.C., 1989. The economic system of Hong Kong. Hong Kong: Asian Research Service.
Huertas, T.F., 1985. The Rise of the Modern Business Enterprise: The Case of Citibank. BUSINESS AND ECONOMIC HISTORY, vol. 14, no. 2, pp.143-57.
Jacoby, S.M., 2010. History and the Business School. Labour History, no. 98, pp.207-12.
Khanna, P., 2005. Advanced Study in Money and Banking: Theory and Policy Relevance in the Indian Economy. New Delhi, Delhi : Atlantic Publishers & Dist.
Knowles, H., Patmore, G. & Shields, J., 2008. From hire purchase to property development: the rise and demise of the Industrial Acceptance Corporation in Australia, 1926–77. Accounting, Business & Financial History, vol. 18, no. 3, pp.283-302.
Knowles, H., Patmore, G. & Shields, J., 2010. A Marriage of Convenience: Citibank, Hawke-Keating Labor and Foreign Bank Entry into Australia. Labour History, no. 98, pp.97-119.
Krippner, G.R., 2011. CAPITALIZING ON CRISIS. Harvard : Harvard University Press.
Krishna, S., 1990. The Design of Global Financial Systems: A Case Study. Thesis. Cambridge, MA: Shailendra Krishna Massachusetts Institute of Technology.
Markham, J.W., 2002. A Financial History of the United States: From Christopher Columbus to the Robber Barons (1492-1900). New York: M.E. Sharpe.
Mol, M.J. & Birkinshaw, J., 2009. The sources of management innovation: When firms introduce. Journal of Business Research, vol. 62, no. 12, pp.1269-80.
Neave, E.H., 2002. Financial Systems: Principles and Organisation. New York: Routledge.
Nishimura, S., Suzuki, T. & Michie, R.C., 2012. The Origins of International Banking in Asia: The Nineteenth and Twentieth Centuries. Oxford: Oxford University Press.
OCC, 2011. The Negotiable CD: National Bank Innovation in the 1960s. [Online] Available at: http://www.occ.gov/about/what-we-do/history/150th-negotiable-cd.html [Accessed 7 October 2015].
Ortt, J.R. & Duin, P.A.v.d., 2008. The evolution of innovation management towards contextual innovation. European Journal of Innovation Management, vol. 11, no. 4, pp.522-38.
Rapp, W.V. & Leir, H.J., 2002. nformation Technology Strategies : How Leading Firms Use IT to Gain an Advantage: How Leading Firms Use IT to Gain an Advantage. Oxford : Oxford University Press.
Roussakis, E.N., 1997. Commercial Banking in an Era of Deregulation. Santa Barbara: Greenwood Publishing Group.
Smith, G.E., 2007. Management History and Historical Context: Potential Benefits of Its Inclusion in the Management Curriculum. Academy of Management Learning & Education, vol. 6, no. 4, pp.522-33.
Starr, P., 2002. Citibank: A Century in Asia. Lanham, MD: National Book Network.
Thomas, L., 2005. Money, Banking and Financial Markets. New York: Cengage Learning.
Viner, A., 1988. The emerging power of Japanese money. Tokyo: Japan Times.
Zumello, C., 1999. Finance and Politics in the USA: From National City Bank to Citigroup : an American bank or a world bank ? Working Paper. Paris: Université Sorbonne Nouvelle.
Zweig, P.L., 1995. Wriston: Walter Wriston, Citibank and the Rise and Fall of American Financial Supremacy. New York: Crown Publishers.