Citigroup's Push into Generative AI Signals Tech-Driven Future for Banking
Portfolio Pulse from Anusuya Lahiri
Citigroup Inc plans to provide most of its 40,000 coders access to generative artificial intelligence (AI) in 2024. The bank has already allowed 250 developers to experiment with generative AI and intends to extend this program. The bank's risk and compliance unit used AI to analyze new capital rules released by U.S. federal regulators. Citigroup is also using AI to modernize its systems and transition from older coding languages to newer ones. Other investment banks like Morgan Stanley and JP Morgan Chase & Co have also used generative AI technology.
October 27, 2023 | 12:08 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Citigroup's move to provide most of its coders access to generative AI could enhance productivity and modernize its systems. This could potentially lead to cost savings and improved efficiency in the long run.
The use of AI could lead to cost savings and improved efficiency for Citigroup. This could potentially make the bank more competitive and attractive to investors, leading to a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
JP Morgan Chase & Co has also tapped into generative AI technology, which could potentially improve the efficiency of its financial advisers.
The use of AI could lead to improved efficiency for JP Morgan's financial advisers. This could potentially make the bank more competitive and attractive to investors, leading to a positive impact on its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Morgan Stanley has also tapped into generative AI technology, which could potentially improve the efficiency of its financial advisers.
The use of AI could lead to improved efficiency for Morgan Stanley's financial advisers. This could potentially make the bank more competitive and attractive to investors, leading to a positive impact on its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50