Citigroup, a major US banking institution, is actively deploying artificial intelligence (AI) to enhance productivity, expedite account openings, and streamline the retirement of outdated software. This strategic embrace of AI, often described as a significant technological shift for the global economy, aligns with a broader trend among US banks aiming to boost efficiency. Tim Ryan, Citigroup’s head of technology, noted the firm is in a significantly improved position following recent tech investments, with AI playing a crucial role in modernisation.
The AI deployment spans several key areas. The technology aids in migrating data from legacy systems, automating coding, and facilitating faster, more comprehensive testing. Crucially, AI is also accelerating client onboarding; a new document processing system has cut the review time for opening a US services division account from an hour to just 15 minutes. Mr. Ryan, who joined Citigroup from PwC less than two years ago, is additionally revamping the technology division, aiming to dramatically reduce reliance on external contractors in favour of internal employees.
This push for internal talent has seen the bank plan to hire thousands of IT employees, reducing contractor dependency from around 50% to a target of 20% of its technology workforce, a plan it is currently halfway through. Citigroup, with a tech workforce of approximately 50,000 people, is bolstering internal staff as it increases investments in developing and deploying consistent AI tools across the company. The heightened technology investment is partly driven by regulatory demands, including two consent orders issued in 2020 that mandated improved risk management and rectification of regulatory data inaccuracies. Critical processes like client and employee onboarding, and “know your customer” policies, are among the first 50 targeted for AI-driven automation.
