Citi using generative AI to enhance client and corporate efficiencies

Citi Bahamas has joined its global family in implementing generative artificial intelligence (GenAI) for the benefit of its clients and empowerment of its employees, the company said in a statement. General Manager of Citi Bahamas John Lopez said in the statement that GenAI will help Citi employees to make faster and more informed decisions. He added that the technology is not a substitute for the intuition of the bank’s employees. “At Citi Bahamas, the adoption of generative artificial intelligence marks a pivotal step in optimizing our operations,” said Lopez. “We are committed to responsible innovation. GenAI is not a substitute for human judgment, but rather a powerful tool that enhances the way we work for the benefit of our clients.” The statement explains that Citi has introduced four new GenAI tools that will streamline and enhance compliance, risk, human resources, and finance. It adds that those solutions are called Citi Stylus, Citi Stylus Workspaces, Citi Assist, and Citi Squad. Those GenAI solutions will provide instant insights from documents in multiple formats, with advanced summarization and comparison features. “Unlike traditional AI, which follows predefined rules, generative AI leverages advanced language models and neural networks to predict and generate original outcomes based on learned patterns,” the statement said. The statement explains that about 150,000 Citi employees across 51 jurisdictions already have access to the AI tools. Citi said it plans to expand to more jurisdictions throughout the rest of the year. The bank adds that the state-of-the-art technology is helping its employees to respond to clients faster, and enhance transaction security with more sophisticated fraud detection, “delivering tailored financial solutions that better address client needs”. “For our institutional, corporate, public sector, and multinational clients, Citi’s adoption of generative AI translates directly into faster, safer, and more personalized service,” said López. Citi Bahamas is one of the top banks globally for multinational companies, with Lopez telling Guardian Business last month that the bank is also at the forefront of digitalization. He said on a global level, Citi has introduced new digital technology for its clients, and recognizes that having the technology to meet clients’ needs in a rapidly changing world is paramount.