NEW YORK — Citigroup is using artificial intelligence to dramatically reduce the time required to review new account-opening documents, part of a broader effort to automate compliance and operational processes across the bank, according to a new report.
Tim Ryan, Citi’s head of technology, told Reuters that a new AI-powered document-processing system has reduced account-opening review times from more than an hour to approximately 15 minutes.
The initiative is one of about 50 internal processes the bank has identified for automation as it seeks to improve efficiency, streamline compliance functions and modernize operations.
According to Reuters, client onboarding, employee onboarding and know-your-customer (KYC) compliance reviews are among the first areas targeted for automation.
Long a Labor-Intensive Task
Account opening has long been one of the most labor-intensive functions within large financial institutions, requiring document collection, identity verification, sanctions screening, KYC reviews and data entry across multiple systems. Banks have traditionally relied on significant manual review to complete those tasks, increasing costs and the potential for errors.
Ryan told Reuters the same AI technologies being used to accelerate account-opening reviews are also being deployed to automate coding, software testing and the migration of data from legacy systems.
The reported reduction in review time is particularly significant for Citi’s services division, which serves institutional and corporate clients and often handles complex documentation requirements.
182,000 Employees Have Access
According to Reuters, Citi said in its annual report that more than 182,000 employees now have access to proprietary AI tools. The bank has also provided approximately 30,000 software developers with AI-powered tools that generate an estimated 100,000 hours of additional capacity each week.
Ryan told Reuters that Citi’s technology workforce now includes approximately 50,000 employees. The bank has also increased its hiring of software engineers as it shifts away from relying on outside contractors.
The faster review process is expected to help Citi onboard new clients more quickly, reduce errors associated with manual data entry and allow compliance personnel to spend less time reviewing routine documentation.
Citi’s account-opening initiative is one of the first major examples the bank has publicly disclosed as part of its broader AI strategy.
