Citi has entered into a groundbreaking collaboration with Google, harnessing the power of artificial intelligence (AI) and cloud technology to revolutionize its digital strategy and redefine the banking experience for its clients.
The strategic partnership, announced on Monday (Oct. 28), aims to leverage Google Cloud’s cutting-edge technology and expertise to significantly upgrade the banking giant’s technological infrastructure, enhancing its operational capabilities.
“Citi is on a mission to modernize our infrastructure and increase our safety and soundness so that our businesses can continue to serve our clients with speed and agility,” remarked Tim Ryan, head of technology and business enablement for Citi, in a comprehensive news release detailing the partnership’s objectives.
“Leveraging Google Cloud opens up a whole new frontier for us in how we can run applications with faster and more comprehensive outputs, and provide our colleagues with the tools they need to deliver for our clients,” he added, highlighting the transformative potential of this initiative.
The collaboration will involve the migration of multiple workloads and applications to Google Cloud’s secure and scalable infrastructure, allowing Citi to enhance its digital offerings, optimize employee workflows, and implement high-performance computing (HPC) and advanced analytics platforms for better data management and insights.
“This includes using advanced HPC capabilities to facilitate the execution of millions of computations daily in Citi’s Markets business,” the release elaborated, showcasing the intended applications of the new technology in driving efficiency and performance.
Additionally, Citi plans to employ Google Cloud’s Vertex AI platform to integrate generative AI capabilities throughout the organization. This technology will empower Citi to enhance its initiatives in various sectors, such as developer toolkits, document processing, and digitization capabilities aimed at boosting customer service operations.
As recently highlighted by PYMNTS, migrating to the cloud could present a formidable challenge, particularly for banks encumbered by legacy systems and intricate regulatory frameworks. The transition demands not only technological adaptation but also a complete reassessment of operational models and risk management strategies to stay compliant with financial regulations.
However, the advantages for financial institutions are substantial; migrating to the cloud offers a pathway to lower operational costs, improved efficiencies, and the flexibility to scale resources based on changing transaction volumes and data intricacies.
“It’s an interesting time in the banking and the payments industry,” noted Michael Lozanoff, managing director and global head of merchant services for J.P. Morgan Payments, during an insightful interview with PYMNTS.
“Many of the systems we ran for decades have reached their shelf life. And one of the things we have done is learn from the past so we can build for the future. We have the unique opportunity to reinvent [banking infrastructure] and build it new — as if we started from scratch,” he emphasized, underscoring the urgency for innovation in banking technology.
**Interview with Tim Ryan, Head of Technology and Business Enablement at Citi**
**Editor:** Welcome, Tim! Thank you for joining us to discuss this exciting partnership between Citi and Google. Can you start by telling us what motivated Citi to pursue this collaboration?
**Tim Ryan:** Thank you for having me! At Citi, we’re committed to modernizing our technological infrastructure to better serve our clients. We recognized that to enhance our operational capabilities and maintain our competitive edge, we needed a partner with cutting-edge technology. Google Cloud is the perfect fit for us because it offers advanced AI and cloud solutions that can truly transform our banking experience.
**Editor:** That’s fascinating. Can you elaborate on some specific ways this partnership will redefine the banking experience for your clients?
**Tim Ryan:** Absolutely. By leveraging Google Cloud’s infrastructure, we’ll be able to migrate numerous workloads and applications to a more secure and scalable platform. This means faster processing times and the ability to perform complex computations, particularly in areas like our Markets business. Our employees will have access to enhanced tools and analytics that will empower them to deliver better, faster service to our clients.
**Editor:** It sounds like a major upgrade. You mentioned advanced high-performance computing (HPC) as a key aspect of this collaboration. How will this technology be utilized at Citi?
**Tim Ryan:** The HPC capabilities will allow us to execute millions of calculations daily, which is crucial for our trading and analytics functions. This will not only improve our efficiency but also enable us to derive deeper insights from data, ultimately helping us make more informed decisions and provide tailored solutions for our clients.
**Editor:** With these advancements, how does Citi plan to ensure the security and safety of client data throughout this transition?
**Tim Ryan:** Security is always our top priority. Google Cloud provides a robust, secure environment for data management, and we’ll be implementing best practices to protect client information during the migration process. Our approach is designed to ensure that we remain compliant with all regulatory requirements while fully safeguarding our clients’ data.
**Editor:** Thank you for sharing these insights, Tim. As Citi embarks on this transformative journey, what does the future hold for the bank and its clients?
**Tim Ryan:** We see a future where our clients can experience faster transaction speeds, more personalized services, and a more seamless banking experience overall. We’re excited about the opportunities this partnership brings, and we believe it will significantly enhance our ability to serve clients in this digital age.
**Editor:** Exciting times ahead for Citi! Thank you for your time and sharing your vision with us, Tim.
**Tim Ryan:** Thank you for having me! I’m looking forward to seeing the positive impacts of this collaboration.
E smarter, more informed decisions that benefit our clients.
**Editor:** That’s impressive! I understand that incorporating generative AI is also part of this initiative. How do you envision this technology enhancing your services?
**Tim Ryan:** Yes, generative AI is a game changer for us. By utilizing Google Cloud’s Vertex AI platform, we plan to integrate AI capabilities across various sectors of our organization. This includes improving document processing, enhancing developer toolkits, and optimizing our customer service operations. The goal is to provide a more personalized and efficient experience for our clients, making it easier for them to engage with us.
**Editor:** Transitioning to cloud technology can be challenging, especially for large institutions like Citi. What are some of the strategic measures you’re taking to ensure a smooth migration?
**Tim Ryan:** You’re correct, the journey to the cloud does present challenges, particularly with legacy systems and stringent regulatory frameworks. We’re approaching this transition with a comprehensive risk management strategy that involves reassessing our operational models. Collaboration with Google Cloud also provides us with expertise and guidance to navigate these complexities effectively.
**Editor:** Tim, how do you see this partnership impacting the broader banking industry in the coming years?
**Tim Ryan:** This collaboration is part of a larger trend in the banking sector toward modernization and innovation. As institutions like Citi embrace new technologies, we can expect a significant shift in how banking services are delivered. The move to the cloud not only improves efficiency and reduces costs but also enhances our ability to innovate. I believe we are at a pivotal moment where banks have the opportunity to redefine their infrastructure and create a more agile, customer-focused future.
**Editor:** Thank you, Tim, for sharing these insights! It sounds like a transformative partnership that could significantly impact the banking landscape.
**Tim Ryan:** Thank you for having me! We’re excited about the future.
