Citigroup says AI helps speed account openings and systems upgrades

Citigroup is using artificial intelligence to speed up account openings and the retirement of old software, the US bank’s head of technology, Tim Ryan, said, as the firm pushes to improve productivity.

US banks are embracing AI, the biggest technological upheaval to the world economy since the internet, to boost productivity and, in some cases, cut jobs.

“We still have legacy ‌systems, but ⁠after the ⁠tech investments we’ve made, we are in a much better place,” Ryan said in an interview. “AI helps ​migrate data from legacy systems, automate coding and test more and faster.”