Citigroup says AI speeds up new account openings

“We still have ‌legacy systems, but after the tech investments we’ve ⁠made, we are in a much better place,” he said.

“AI helps migrate data from legacy systems, automate coding and test more and faster.”

The investment and implementation of AI is part of a plan by the bank to reduce its reliance on third-party technology contractors, and instead use its own IT employees, which it plans to hire, according to a Reuters report from a year ago.

Technological advancement has been a big area of interest for the banking industry. In Australia, the Commonwealth Bank of Australia (CBA) has also sped up its onboarding process using NFC for e-passport scans to verify user data.

Speaking with ITnews, CBA general manager of customer identity and digital security Sascha Thiel said the system was launched in January and has since seen 2,700 customers onboarded.

Unlike conventional verification during onboarding, which uses a number of documents and takes much longer, the new system means that customers can reportedly complete the verification process in a single minute.

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While the details of the system and which technology partners were used for the NFC scanning were not disclosed, the bank designed the onboarding flows.

US investment bank JPMorgan has also said that AI will be transformative for the banking industry, with CEO Jamie Dimon saying that AI will change almost every aspect of the bank’s operations and the industry overall.

“The importance of AI is real, and while I hesitate to use the word transformational – it is,” he said in the company’s annual shareholder letter.

“The pace of adoption will likely be far faster than prior technological transformations, like electricity or the internet. Those took decades to roll out, but this implementation looks likely to accelerate over the next few years.”