Citigroup is planning to leverage generative artificial intelligence (AI) to analyze documents, improve efficiency and ensure compliance with regulations.
The potential applications of generative AI within the bank are vast, with employees pitching over 350 use cases for the technology, Bloomberg reported Friday (Oct. 27).
After witnessing the success of a pilot program that allows approximately 250 of its developers to experiment with generative AI, the bank plans to expand the program to the majority of its 40,000 coders in the coming year, according to the report.
In one recent application of the technology, Citigroup’s risk and compliance team used generative AI to analyze and assess the impact of new capital rules issued by federal regulators, the report said. The technology organized the proposal into manageable pieces and generated key takeaways.
Stuart Riley, Citigroup’s co-chief information officer, told Bloomberg that the introduction of OpenAI’s ChatGPT sparked a concerted push within the bank to explore the potential uses of AI. Riley said this push encompasses every part of the bank. Some applications are small, assisting with daily routines, while others involve complex projects.
While bank employees have concerns about AI potentially replacing them, Riley said human oversight remains crucial, according to the report. For example, whether AI or employees generate a line of code, it still requires human supervision.
“We are using AI to amplify the power of our employees,” Riley said.
Citigroup is also exploring the modernization of its systems using AI, according to the report. Traditionally, updating legacy systems would require significant financial resources and manpower. However, AI can help translate coding languages, allowing the bank to update its systems more cost-effectively.
Generative AI is also being considered for analyzing documentation and generating content, which would streamline processes and free up staff to focus on client interactions, the report said. Ensuring compliance is another area where generative AI can be beneficial. Citigroup is exploring the use of large language models to digest legislation and regulations in the countries it operates in.
As Citigroup continues to test and implement AI technology, the bank is prioritizing risk management and ensuring that appropriate controls are in place, per the report.
In another recent interview on this topic, JPMorgan Chase & Co. CEO Jamie Dimon told Bloomberg TV that AI is rapidly changing the way we work and live, and could lead to a 3-1/2-day workweek for the next generation.
JPMorgan has already implemented AI solutions, with thousands of employees using the technology in their work, according to the report.