fintech / news / / Reuters
banks are embracing AI, the biggest technological upheaval to the world economy since the internet.
Citigroup uses AI to migrate data from legacy systems and automate coding and testing.
KEY POINTS
- AI has reduced client document review time for account openings from over an hour to 15 minutes.
- Citigroup is halfway through reducing IT contractors from 50% to 20% of its tech workforce.
- The bank's tech workforce is now around 50,000, with increased hiring of software engineers.
- Citigroup is standardizing AI tools across the company, focusing first on onboarding and compliance processes.
COMPANIES
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