Citi has partnered with Google Cloud as part of plans to modernise the bank’s digital strategy through cloud and AI technology.
The multi-year agreement will focus on updating Citi’s technology infrastructure as well as enhancing employee and client experience on cloud-based applications.
Through the collaboration, Citi said it will migrate multiple workloads and applications to Google Cloud's infrastructure.
The bank said the move will allow it to offer improved digital products, streamline employee workflows, and run high-performance computing (HPC) and analytics platforms. This includes using advanced HPC capabilities to facilitate the execution of millions of computations daily in Citi’s Markets business.
As part of the agreement, Citi will also use Google Cloud’s Vertex AI platform to deliver generative AI (genAI) capabilities across the company. The company said this will allow it to power genAI initiatives related to developer toolkits, document processing, and facilitate digitisation capabilities to support customer service teams.
“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,” said Tim Ryan, head of technology and business enablement for Citi. “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.”
Earlier this month, Citi announced that it had launched a set of “next-generation” banking services powered by distributed ledger technology (DLT) and smart contracts.
Citi Token Services for Cash, which facilitates multimillion dollar transactions for the bank’s institutional customers, has moved from a pilot to a live commercial solution after the technology was trialled in partnership with shipping agents CB Fenton and GAC Panama Shipping.
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