Citi has selected Shobhit Varshney, a seasoned IBM executive, to spearhead the bank’s AI strategy, following the recent formation of a fresh AI leadership team. A memo from the bank revealed that Citi’s AI resources are accessible to 175,000 employees worldwide.
Varshney, who previously led data and artificial intelligence efforts at IBM’s consulting division, will now oversee AI initiatives at Citi under the supervision of Anand Selva, the bank’s COO. Collaborating closely with David Griffiths, the firm’s CTO, Varshney aims to expand AI integration throughout the organization.
Citi has granted around 175,000 staff members access to AI tools such as Stylus, Workspaces, and Assist. The institution has also started leveraging AI to enhance customer service within its US personal banking sector through specialized GenAI tools.
Selva emphasized in a communication to employees that integrating AI into Citi’s strategies and operations has been an ongoing effort for over a year. The appointment of Varshney underscores the increasing focus on incorporating artificial intelligence in banking services across Wall Street.
Other financial institutions like JPMorgan and Goldman Sachs are also exploring ways to utilize AI for streamlining processes and enhancing efficiency. Goldman CEO David Solomon expressed optimism about AI’s potential to improve operational effectiveness and free up resources for new investments during a recent Barclays financial services conference.
Citi is undergoing significant transformations to address longstanding data management challenges and regulatory requirements. Selva mentioned in the memo that these changes involve modernizing infrastructure, automating manual tasks, simplifying operations, and upgrading technologies – with AI integration serving as a crucial aspect of this evolution.
The appointment of Varshney is part of Citi’s broader initiative to advance its AI capabilities strategically and responsibly. The bank is dedicated to continuous improvement and views embracing AI technology as pivotal in achieving its long-term objectives.