(15 April 2025 – United States) Citi is realising valuable AI productivity gains as it progresses the group’s ambitious IT digital transformation objectives.
Announced during the company’s Q1 2025 earnings call, Citi “sunsetted” 130 applications during Q1 in addition to 2,000 legacy applications decommissioned since 2022.
The bank sunk US$2.4 billion into technology and communication investments in Q1 to achieve substantial efficiency gains after deploying two internal chatbot assistants as well as a developer tool that completed roughly 220,000 automated code reviews.
“I’m not sure any bank finishes its modernisation. We’re still innovating and investing in supporting our business with new innovations” commented Citigroup CEO Jane Fraser.
“We fell behind in data, particularly regarding regulatory reporting. We’ve taken action to get that into shape, and we’re confident in how that’s now progressing. “There’s still work to do retiring legacy applications and consolidating Citi’s technology onto unified platforms. Many of the efforts are now impacting how we run the bank better and more efficiently” Fraser added.
“We are also integrating AI directly into our business operations to improve the client experience. The latest example is Agent Assist, our first generative AI tool for customer service in US Personal Banking. It is designed to help our team resolve inquiries faster and is now being piloted in credit cards.”