Citigroup, through its chief executive officer (CEO) Jane Fraser, has announced plans to invest $3 billion in tech modernization in the third quarter of 2023.
This investment represents an eight per cent increase, with primary areas of focus being extensive product development, platform enhancements, and a commitment to enhancing the overall client experience.
Also, Citi is spending $3 billion on technology in the last quarter and $11 billion in 2022. “At the end of the work, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders,” Fraser went on to say.
The company also retired nearly 300 applications this year, automated preventive controls across nearly 80 per cent of its high-priority payment systems, and rearchitected approximately half of the data infrastructure it uses for transactional flow related to prioritized products.
Citi said tech enhancements have already cut stress-testing calculation time in half, and the bank is looking to automation for additional gains. In management reporting, the company is automating processes, eliminating duplication, and centralizing governance in order to scale data operations, reduce organizational complexity, and speed decision-making.
The sources for this piece include an article in CIODIVE.