Community Corner

Citi Bikes a Big Boon to ... Citibank: Report

This article was written by Matt Hampton.

Just how effective have the Citi Bikes been at reducing the rage New Yorkers feel at major banks in general? That may be hard to quantify, but The Daily Beast is taking a shot at it.

According to the website, Citibank is already seeing dividends — at least in their public perception — of their $41 million investment in the bike share service. 

Turn back the clock five years: Citibank sparked a lot of ire in New York City at the height of the financial crisis after accepting a taxpayer bailout, even prompting two city councilmen to declare that Citi Field should be renamed "Taxpayer Field."

But the bike share program has actually done wonders in a short time to repair Citi's damaged image in the city, with their brand gaining big time in public perception according to brand image evaluators, The Daily Beast wrote.

The two areas that saw double-digit improvement were "cares for customers" and "trustworthiness," two things no one would ever ascribe to the big banks in New York City five years ago.

What do you think? Has Citi earned your trust with the bikes? Or is it just a cynical ploy in bike form?


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