Citi and Google Cloud have announced a multi-year partnership to advance the former’s digital strategy by harnessing cloud technology and artificial intelligence (AI).
The agreement aims to overhaul Citi’s technology infrastructure and improve experiences for both employees and clients on cloud-based applications.
Under this collaboration, Citi will transition a range of workloads and applications to Google Cloud’s secure and scalable infrastructure.
This migration is expected to enhance Citi’s capacity to provide digital products, optimise employee workflows, and support high-performance computing (HPC) and analytics platforms.
The partnership will also leverage HPC capabilities to enable the execution of millions of computations daily Citi’s markets business.
Citi technology and business enablement head Tim Ryan said: “Citi is on a mission to modernise our infrastructure and increase our safety and soundness so that our businesses can continue to serve our clients with speed and agility.
“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.”
Citi will utilise Google Cloud’s Vertex AI platform as part of its AI-driven initiatives.
By incorporating generative AI capabilities, Citi plans to enhance developer tools, document processing, and digitisation services to support its customer service operations.
Google Cloud’s infrastructure offers financial institutions a dependable path to digital transformation along with securing sensitive data and addressing stringent regulatory, policy, and business requirements.
Google Cloud CEO Thomas Kurian said: “Our strategic partnership with Citi to continue to modernise its technology infrastructure and drive enterprise-wide innovation underscores Google Cloud’s commitment to helping the financial services industry transform with cloud and AI technology.
“By combining Citi’s deep banking and customer experience expertise with Google Cloud’s leading cloud and AI capabilities, we can deliver significant benefits to Citi’s clients and employees.”
In a separate announcement, Citi has introduced a new integrated digital bill discounting solution, dubbed Citi Digital Bill (CDB), to bring a centuries-old practice into the digital age.
CDB streamlines the process by removing the need for physical documents, couriers, and the manual transfer of paper across multiple parties worldwide.
For sellers, CDB offers a faster and more transparent method for managing receivables, cutting the time needed to monetise receivables from around a week to under an hour.
