NEW YORK – Citigroup is leveraging artificial intelligence to speed account openings and modernize legacy systems, the bank’s head of technology, Tim Ryan, said, as part of an effort to boost productivity and reduce reliance on external contractors.
AI is helping Citigroup automate internal processes, from migrating data and testing software to reviewing documents for client onboarding. Ryan said the new system has reduced the time to process account-opening documents in the U.S. services division from one hour to just 15 minutes.
Cutting Dependence on Contractors
Since joining Citigroup from PwC less than two years ago, Ryan has led a push to reduce the bank’s reliance on IT contractors and increase the use of internal staff. Around a year ago, contractors accounted for half of Citi’s technology workforce; the plan is to reduce that figure to 20%, with the bank now “halfway through” the transition.
The bank currently employs about 50,000 technology staff, focusing on hiring software engineers to implement AI tools consistently across the organization. Critical processes selected for automation include client and employee onboarding and key “know your customer” policies.
Regulatory and Technological Context
Citigroup has invested heavily in technology over the last five years, partly to comply with regulatory requirements. The bank is subject to two consent orders issued in 2020 by the Federal Reserve and the Office of the Comptroller of the Currency, requiring improvements in risk management, regulatory data accuracy, and governance.
Ryan highlighted that while legacy systems remain, AI investments have allowed faster coding, testing, and data migration. The bank’s broader AI strategy aims to enhance productivity while maintaining compliance and reducing operational bottlenecks.
Citigroup joins other U.S. banks embracing AI as a transformative tool to modernize operations, improve efficiency, and reconfigure workforce strategies, marking the largest technological shift since the internet in the financial sector.
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