Citigroup Leverages AI to Accelerate Account Openings and Modernize Legacy Systems
Citigroup is deploying artificial intelligence to improve productivity by speeding up account onboarding and modernizing its legacy technology systems, according to its head of technology Tim Ryan.
The bank is using AI to automate key processes such as data migration from older systems, software coding, and testing, helping reduce the time and complexity involved in upgrading its infrastructure. Ryan noted that while legacy systems still exist, recent technology investments have positioned the bank to make faster progress.
AI is also transforming client onboarding. A document-processing system has reduced the time required to review account-opening documents in the U.S. services division from over an hour to just 15 minutes, significantly improving efficiency.
Citigroup has been ramping up its technology investments over the past five years, partly in response to regulatory requirements from the Federal Reserve and the Office of the Comptroller of the Currency. These mandates, issued in 2020, require the bank to strengthen risk management, data accuracy, and governance.
As part of its broader transformation, Citi is also reshaping its workforce strategy. The bank is reducing its reliance on external IT contractors—who once made up about half of its tech workforce—and increasing internal hiring. It has already made significant progress toward its goal of lowering contractor dependence to 20%, while expanding its in-house technology team to around 50,000 employees.
The bank plans to standardize AI tools across the organization and is focusing on automating critical internal processes, including client and employee onboarding and “know your customer” (KYC) procedures.
Citigroup’s efforts reflect a wider trend in the banking sector, where institutions are turning to AI to streamline operations, meet regulatory demands, and enhance overall productivity.
