Citigroup uses AI to accelerate account openings
Citigroup has reduced account opening times from one hour to 15 minutes using AI. The bank is also hiring internal staff to replace external contractors.
CITIGROUP INC is leveraging artificial intelligence to accelerate account openings and the retirement of legacy software as part of a broader effort to enhance productivity. Tim Ryan, the bank's head of technology, noted that the firm is utilizing these tools to modernize its infrastructure and streamline operations.
Financial institutions in the United States are increasingly adopting AI, representing a major technological shift aimed at boosting efficiency and, in some instances, reducing headcount. The technology helps Citigroup migrate data from older systems, automate coding processes, and perform more rapid testing across its platforms.
"We still have legacy systems, but after the tech investments we’ve made, we are in a much better place," Ryan said in an interview.
AI is also being used to improve client onboarding. In the services division, a system designed to process documents has reduced the time required for review prior to opening an account from one hour to just 15 minutes. This improvement is part of a larger strategy to modernize the bank's internal workflows.
Ryan, who joined the bank from PwC nearly two years ago, is also restructuring the technology division to rely more heavily on internal employees rather than external contractors. A year ago, contractors made up approximately 50% of the bank's technology workforce. The firm is currently halfway through a plan to reduce that figure to 20%, with a total tech workforce now numbering around 50,000 people.
The bank has significantly increased its technology investments over the past five years, partly to comply with regulatory mandates. Citigroup remains under two consent orders issued in 2020 by the Federal Reserve and the Office of the Comptroller of the Currency, which require the lender to strengthen risk management controls and address data inaccuracies. Currently, the bank has identified 50 critical internal processes for automation, including employee onboarding and know-your-customer protocols.
