Citigroup is deploying artificial intelligence to streamline operations, focusing on faster account onboarding and modernization of legacy systems.
According to Tim Ryan, AI tools are being used to migrate data from outdated infrastructure, automate software development tasks and accelerate system testing. These improvements are part of a broader effort to enhance productivity and meet regulatory requirements.
One of the most immediate impacts has been in client onboarding. AI-powered document processing has reduced review times for account openings in the bank’s U.S. services division from over an hour to approximately 15 minutes, significantly improving efficiency.
The initiative also supports Citigroup’s long-term strategy to reduce reliance on external contractors. Previously, contractors made up about 50% of the bank’s technology workforce. The company aims to bring that figure down to 20% by hiring more in-house engineers and strengthening internal capabilities.
Citigroup has expanded its technology workforce to roughly 50,000 employees and continues to increase investment in digital infrastructure. The push toward internal development aligns with its goal of deploying standardized AI tools across business units.
The bank is prioritizing automation in key operational areas, including client and employee onboarding as well as compliance processes such as “know your customer” (KYC) checks.
These efforts come as U.S. regulators, including the Federal Reserve and the Office of the Comptroller of the Currency, continue to require improvements in risk management, data governance and reporting accuracy following consent orders issued in 2020.
Citigroup’s approach reflects a broader trend in the banking sector, where AI is increasingly used to optimize operations, reduce costs and adapt to evolving regulatory and competitive pressures.