Citi Publishes New Report on AI in Finance
London – Today, Citi Global Perspectives and Solutions publishes a new report AI & Finance: Bot, Bank & Beyond. The report analyses the role that artificial intelligence (AI) might play in changing the way both consumers and corporates bank.
From the likely use of autonomous agents seamlessly executing client decisions in the background, to productivity gains released by unlocking better data insights, banking bots are set to revolutionize all aspects of banking, according to the report.
David Griffiths, Citi Chief Technology Officer, said:
“The pace of adoption and impact of Gen AI across industries has been astounding as it becomes clear that it has the potential to revolutionize the banking industry and improve profitability. At Citi, we’re focused on implementing AI in a safe and responsible way to amplify the power of Citi and our people.”
Ronit Ghose, Head of Future of Finance, Citi Global Insights, said:
“AI will transform finance by empowering clients, creating new jobs and increasing competition. AI will make money and clients smarter. In the future, every client will have an AI powered assistant in their pocket, making their financial lives better.”
Key report highlights and themes include:
- $2 trillion in profit: AI could boost the total banking industry’s 2028E profits by 9% or $170 billion from just over $1.8 trillion to close to $2 trillion. This excludes non-bank financial sector profits. Citi, TTS survey, April 2024.
- Productivity gains: AI could drive productivity gains for banks by automating routine tasks, streamlining operations, and freeing up employees to focus on higher value activities. Generative AI will likely have a big impact on internal facing tasks such as content and information management, coding, and software.
- Governance and talent: The growth of AI may lead to fewer low-skilled roles in operations and technology, but governance and compliance roles will continue to grow. Our survey responses suggest AI talent availability is a challenge for banks and others. Talent wars are not over. Humans are still in demand.
- Will AI reduce or grow finance jobs? Historical technology adoption has not led to reduction of finance workforce but has changed the workforce mix over time. New jobs are constantly created.
- Will AI drive better value for clients? Integration of AI-powered bots into retail and corporate banking represents a significant potential transformation, offering clients benefits such as automated decision making and the search for best offers, and banks enhanced operational efficiency.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
About Citi Global Insights and Citi Global Perspectives:
Citi Global Insights (CGI) seeks to deliver best-in-class thought leadership, data science, and client solutions on the major opportunities and challenges of our age. CGI publishes newly created and curated summaries of the best thematic content from across Citi. Key focus areas include Sustainable Finance and the Future of Technology, Finance, Healthcare & Innovation.
Citi Global Perspectives & Solutions (Citi GPS) is the public content brand of CGI focusing on key trends in the global economy, the environment, the risk landscape, and technology & innovation. CGI partners with leading academic institutions and external experts globally to deliver its insights.
Media Contact
Fiona Beukes, Fiona.beukes@citi.com