Innovation & Technological Enhancement

 Innovation & Technological Enhancement in Citi

Every day brings an innovation. Whether it’s a new smartwatch, a driverless car, or a nano-robot that can cure diseases, technology is changing every part of our daily lives. Citi Global Perspectives and Solutions is bringing vast knowledge and research of the latest technological developments and innovations to the publications giving insight into the rapidly developing world. Innovation is a key driver in enabling growth and economic progress across the globe, and Citi has always accompanied innovation in its journey, from first ATM in 1977 and mobile payments in 2015 and so on. Currently, 20% of Citi’s revenue is invested for technological advancement and thereby improving the services to their customers.

To improve its operational and service capabilities, Citigroup is embracing a range of emerging technologies, including blockchain, big data, PSD2 & open banking, cloud computing, and artificial intelligence. Over the past few years, Citigroup has participated in a number of important technology partnerships and collaborations, technological breakthroughs and rollouts, as well as technological investments and acquisitions. For instance, in 2021, Citi and Snowflake worked together to offer a frictionless solution for post-trade operations, promote innovation, and reduce risk. Through this agreement, Citi's market knowledge in a proprietary custodian network is combined with Snowflake's safe data sharing and multi-party authorization capabilities on Snowflake's Data Cloud environment.

Among the four major banks that reported earnings this past week, Citigroup was the only one whose second-quarter revenue above analyst estimates. To $19.6 billion, revenue increased by 11%. With the bank signing a deal with a major software vendor to both modernise and migrate its 16 ledger platforms to one cloud-based ledger over a multiyear period, Citi's technology and transformation spend is directed towards unifying its platforms and services in favour of cloud-based solutions.

Reference

·       Citigroup - Enterprise Tech Ecosystem series (2022) Market Research Reports & Consulting | GlobalData UK Ltd. Available at: https://www.globaldata.com/store/report/citigroup-enterprise-tech-analysis/ (Accessed: March 24, 2023).

·       How tech is changing the future of Trade (no date) Institutional Clients Group. Available at: https://icg.citi.com/icghome/what-we-think/treasury-and-trade-solutions/insights/how-tech-is-changing-the-future-of-trade (Accessed: March 25, 2023).