Citigroup Inc. intends to grant the majority of its 40,000 programmers with the ability to access generative artificial intelligence (AI) as the financial industry embraces this emerging technology. The company initiated a pilot scheme with approximately 250 developers, enabling them to experiment with generative AI such as ChatGPT. The achievements of the scheme have prompted Citigroup to expand it to encompass most of its coders in the upcoming year. This move corresponds with other banks and financial institutions that have commenced investigating AI technology since the premiere of ChatGPT, which demonstrated the capacity of generative AI to generate sentences, essays, and poetry by responding to simple questions or commands. Banks are convinced that AI can improve work efficiency, as exemplified when Citigroup employed generative AI to analyze a document consisting of fresh capital rules for the US banking sector. The risk and compliance team utilized the technology to assess the consequences of the rules and provided the principal insights to the outgoing treasurer. Earlier this year, Citigroup established two task forces to explore potential applications of AI, addressing every aspect of the bank’s operations. Citigroup’s blueprints for implementing AI have not impacted employee roles, as the technology is regarded as a tool to aid developers rather than replace them. The bank holds the belief that a human element is still essential for supervising and overseeing the generated code. Similar to JPMorgan, other financial institutions have also embraced AI technology and foresee enhancements in the quality of workers’ lives. Citigroup is weighing the possibility of employing AI to modernize its systems and is examining the viability of using generative AI for document analysis and content creation. AI has the potential to enhance accuracy, data reconciliation, and ensure compliance with legislation and regulations across various regions where the bank operates. Citigroup is currently conducting tests on the technology while ensuring it adheres to the company’s risk parameters. As the bank continues to explore the applications of AI, employees have put forth more than 350 use cases for the technology.
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