Citi CEO Jane Fraser has publicly planted a flag for how the bank is proactively approaching GenAI to shape its transformation efforts, while putting people and compliance at the forefront. Everyone is talking about generative AI, including Citi’s CEO. While Fraser’s assertion that generative AI “has the potential to revolutionize all functions across our bank” […]
Tag: Citi
The dark side of efficiency for employees is that it can drive workplace reductions: As digital transformation plans make progress, banks are making layoffs. The progress of Citibank’s tech transformation projects is driving some of the thousands of layoffs it plans to make this year, chief financial officer Mark Mason said on stage during a […]
Citi’s latest technology improvement isn’t sexy, but it sure is effective: The bank invested in a system that scans 95 million monthly trades to catch human errors – and it’s already preventing what could be costly mistakes. Citi’s SMART system is dramatically reducing human error in its trading division, CEO Jane Fraser revealed during a talk […]
While incumbent financial firms have long provided trade credit and short-term loans to business customers, a new swath of fintechs is trying to make the process faster and easier. SMBs often need trade credit to pay for their business purchases, but, historically, the payment process has involved filling out forms and waiting several days for […]
As open banking legislation rolls out around the world, the lines between fintechs and incumbents are blurring and collaboration is the hottest game in town. Citi’s treasury and trade solutions division (TTS) is laser-focused on becoming a better partner to fintechs this year, according to exec Chafic Haddad. TTS’s fintech business “has been the fastest […]
Low-code platforms like Genesis Global (an Insight Partners’ portfolio company) provide ready-made, reusable code components that can simplify and speed up the development process. The securities arm of a Latin American banking group, Itaú Securities, is using technology from Genesis to design a new cloud-based system that will automate pre-trade workflows – saving time and […]
Giving customers greater control over their first names can build trust and loyalty for financial institutions, while presenting a relatively minor technical hurdle. A whopping 70% of transgender and nonbinary individuals say their legal identity doesn’t match their current chosen name and Citi will now make it easier to reflect people’s personal choices. On […]
Low-code platforms like Genesis (an Insight Partners’ portfolio company) provide ready-made, reusable code components that can simplify and speed up the development process. A consortium of global banks recently launched Octaura, which has built an electronic trading platform with baked-in analytics that will replace the traditionally phone-call-driven process of trading syndicated loans and collateralized loan […]