Citigroup is applying artificial intelligence to shorten the time it takes to open accounts and to retire outdated software, the bank's head of technology said, part of a broader push to lift productivity across its technology operations.
Tim Ryan, who joined the bank from PwC less than two years ago and now leads the technology organization, described AI as a practical tool for migrating data out of legacy systems, automating code creation and increasing the speed and frequency of testing.
"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. He added that AI is enabling faster client onboarding and gave an example from the services division in the United States, where a document-processing system has "shaved an hour off the time required to review documents before opening an account in the U.S. for the services division, to 15 minutes."
Ryan has also been reshaping Citi's approach to labor in technology. Since arriving from PwC, he has sought to reduce the bank's dependence on external IT contractors and to bolster in-house technical capabilities. A year ago the bank communicated plans to cut its reliance on information technology contractors significantly and to hire thousands of IT employees.
Citigroup has substantially stepped up technology spending over the past five years for a variety of reasons, including to meet regulatory obligations. The lender remains subject to two consent orders issued in 2020 by the Federal Reserve and the Office of the Comptroller of the Currency that require enhanced risk management controls and fixes to regulatory data inaccuracies and governance.
According to Ryan, contractors accounted for roughly 50% of Citi's technology workforce a year ago, and the bank aimed to reduce that share to 20%. He said the organization is "halfway through" the plan to pare back contractor use. Citi now reports a technology headcount that includes more software engineers and totals about 50,000 people.
As the bank increases investment in AI development and deployment, Citi intends to rely more on internal staff and to implement consistent AI tools across the company. Management has selected a set of critical internal processes for review and automation; among the first 50 processes targeted are client onboarding, employee onboarding and several "know your customer" policies.
Ryan emphasized the focus on automating and standardizing high-priority workflows as the bank moves to modernize its technology stack and reduce operational dependencies on legacy systems and outside contractors. He framed these efforts as steps toward improved productivity and more rapid systems upgrades.
Contextual note: The article reports Citigroup's own statements about its technology strategy and ongoing efforts; it does not provide independent verification of projected timelines or the ultimate impact of AI implementation on staffing or costs.