Citigroup Launches AI Tools to Boost Employee Productivity in Eight Countries

Citigroup rolls out artificial intelligence tools for employees in eight countries

NEW YORK (Reuters) - Citigroup began rolling out on Wednesday new artificial intelligence tools to be used by employees in eight countries, senior executives said. Around 140,000 employees will have access to the tools. In a memo to staff sent on Wednesday, Tim Ryan, head of technology and business enablement, explained how each of them works. Citi Assist searches internal bank policies and procedures. "It's like having a super-smart coworker at your fingertips to help navigate commonly used policies and procedures across HR, risk, compliance, and finance," Ryan said in the memo. The other tool, Citi Stylus, is able to summarize, compare or search multiple documents at the same time. Beginning this month, both tools will be accessible to employees in the U.S., Canada, Hungary, India, Ireland, Poland, Singapore and the United Kingdom. They will be gradually expanded to other markets. Large banks have been using artificial intelligence tools in more targeted ways. Morgan Stanley has a chatbot that helps financial advisors in interactions with clients, and Bank of America's virtual assistant Erica focuses on day-to-day transactions of retail clients. Ryan said in a video interview with Reuters that Citi will review how employees are interacting with the tools to develop new uses for them, but staff may also make proposals. "These tools will help to simplify work and increase productivity.", he added. Ryan, a former PwC executive, joined Citigroup earlier this year and is responsible since September for fixing the bank's longstanding data management issues alongside Chief Operating Officer Anand Selva. Chief Technology Officer David Griffiths said in the interview that the artificial intelligence initiatives are "separate" from the work being carried to improve the bank's data quality and infrastructure to comply with regulators consent orders. (Reporting by Tatiana Bautzer; Editing by Nick Zieminski)

Citigroup rolls out artificial intelligence tools for employees in eight countries

NEW YORK, Dec 4 (Reuters) - Citigroup began rolling out on Wednesday new artificial intelligence tools to be used by employees in eight countries, senior executives said. Around 140,000 employees will have access to the tools. In a memo to staff sent on Wednesday, Tim Ryan, head of technology and business enablement, explained how each of them works. Citi Assist searches internal bank policies and procedures. "It's like having a super-smart coworker at your fingertips to help navigate commonly used policies and procedures across HR, risk, compliance, and finance," Ryan said in the memo. The other tool, Citi Stylus, is able to summarize, compare or search multiple documents at the same time. Beginning this month, both tools will be accessible to employees in the U.S., Canada, Hungary, India, Ireland, Poland, Singapore and the United Kingdom. They will be gradually expanded to other markets. Large banks have been using artificial intelligence tools in more targeted ways. Morgan Stanley has a chatbot that helps financial advisors in interactions with clients, and Bank of America's virtual assistant Erica focuses on day-to-day transactions of retail clients. Ryan said in a video interview with Reuters that Citi will review how employees are interacting with the tools to develop new uses for them, but staff may also make proposals. "These tools will help to simplify work and increase productivity.", he added. Ryan, a former PwC executive, joined Citigroup earlier this year and is responsible since September for fixing the bank's longstanding data management issues alongside Chief Operating Officer Anand Selva. Chief Technology Officer David Griffiths said in the interview that the artificial intelligence initiatives are "separate" from the work being carried to improve the bank's data quality and infrastructure to comply with regulators consent orders. Reporting by Tatiana Bautzer; Editing by Nick Zieminski Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial IntelligenceArtificial Intelligence Tatiana Bautzer Thomson Reuters Tatiana Bautzer is a U.S. banking correspondent at Reuters in New York. She previously covered banks in Brazil, breaking news on deals by major global corporations, initial public offerings and bankruptcies. She has also delved into corruption scandals at Brazilian conglomerates and business disputes between billionaires. Prior to joining Reuters in 2015, Bautzer worked for business magazines Exame and Istoe Dinheiro and newspapers Valor Economico and O Estado de S. Paulo. She previously served as international correspondent for Valor Economico in Washington, D.C., covering multilateral institutions and trade. Bautzer holds a B.A. in Journalism and an MBA from the University of Sao Paulo.

Citigroup Rolls Out AI Tools for Employees in Eight Countries

Citigroup began rolling out on Wednesday new artificial intelligence tools to be used by employees in eight countries, senior executives said. Around 140,000 employees will have access to the tools. In a memo to staff sent on Wednesday, Tim Ryan, head of technology and business enablement, explained how each of them works. Citi Assist searches internal bank policies and procedures. "It's like having a super-smart coworker at your fingertips to help navigate commonly used policies and procedures across HR, risk, compliance, and finance," Ryan said in the memo. The other tool, Citi Stylus, is able to summarize, compare or search multiple documents at the same time. Beginning this month, both tools will be accessible to employees in the U.S., Canada, Hungary, India, Ireland, Poland, Singapore and the United Kingdom. They will be gradually expanded to other markets. Large banks have been using artificial intelligence tools in more targeted ways. Morgan Stanley has a chatbot that helps financial advisors in interactions with clients, and Bank of America's virtual assistant Erica focuses on day-to-day transactions of retail clients.

Citigroup Rolls Out AI Tools to Boost Employee Productivity: Report

HSBC leverages 550 AI use cases, partnering with Google to combat money laundering and fraud. Citigroup has started rolling out new artificial intelligence (AI) tools for its employees. The financial services company has introduced two AI tools, Citi Assist and Citi Stylus, to enhance productivity for its 140,000 employees across eight countries, including the US, Canada, Hungary, India, Ireland, Poland, Singapore, and the United Kingdom, according to a Reuters report. Citi Assist helps staff navigate internal bank policies and procedures, while Citi Stylus can summarise, compare, and search multiple documents simultaneously. Also Read: BNP Paribas Advances AI Integration into Banking with Over 750 Use Cases in Production The tools, which are set to expand gradually, aim to simplify work processes and improve efficiency. According to the report, In a memo sent to employees on Wednesday, Tim Ryan, Citigroup's head of technology and business enablement, detailed how each tool functions. In the memo, Ryan reportedly said: "It's like having a super-smart coworker at your fingertips to help navigate commonly used policies and procedures across HR, risk, compliance, and finance." Large banks are increasingly deploying AI tools in specific ways. For example, Morgan Stanley uses a chatbot to assist financial advisors in client interactions, while Bank of America's virtual assistant, Erica, manages routine transactions for retail clients. According to a CNBC report in October, Edward J. Achtner, head of generative AI at UK-based HSBC, mentioned that the bank employs more than 550 AI use cases across its business lines. These include fighting money laundering and fraud with machine learning tools and supporting knowledge workers with generative AI systems. Achtner also highlighted HSBC's longstanding partnership with Google to leverage AI for anti-money laundering and fraud mitigation.That tie-up has been in place for several years, he noted. Also Read: AI to Drive Financial Inclusion for Billions, Says Infosys Chairman: Report Ryan, in a video interview with Reuters, mentioned that Citigroup will review employee interactions with the tools to develop new uses for them, while also encouraging staff to propose their own ideas. "These tools will help to simplify work and increase productivity." he reportedly added. Chief Technology Officer David Griffiths emphasised in the interview that the AI initiatives are "separate" from the work being carried to improve the bank's data quality and infrastructure to comply with regulators consent orders. On October 28, Citi and Google Cloud announced a strategic, multi-year agreement to support Citi's digital strategy through cloud and AI technology. This collaboration aims to modernize Citi's technology infrastructure and enhance employee and client experiences via cloud-based applications. As part of the agreement, Citi said it will also use Google Cloud's Vertex AI platform to deliver generative AI capabilities across the company. These include developer toolkits, document processing, and digitisation tools to empower customer service teams. Also Read: Temenos Brings On-Premises Generative AI for Banks with Nvidia "Our strategic partnership with Citi to continue to modernise its technology infrastructure and drive enterprise-wide innovation underscores Google Cloud's commitment to helping the financial services industry transform with cloud and AI technology," said Thomas Kurian, Google Cloud CEO in October. "By combining Citi's deep banking and customer experience expertise with Google Cloud's leading cloud and AI capabilities, we can deliver significant benefits to Citi's clients and employees."