NEW YORK CITY — Citi is blazing a path toward comprehensive AI-based credit management.
One of the nation’s largest banks, $2.3 trillion Citi has leveraged AI for everything from document handling and back-office process automation to sanctions and capital management. Now, Citi will strengthen its AI capabilities for consumer credit management and customer experience, sorting through skyrocketing amounts of financial data to deliver a “360 view” of customer credit, Murli Buluswar, head of analytics, U.S. consumer bank at Citi, said Wednesday during a panel at Fintech Nexus 2022 in New York City.
“On the credit card side, we’ve got a lot of data. And the challenge and the opportunity is to separate signal from noise,” Buluswar said. “Our aspiration is that, as this year progresses into third quarter, we will be full throttle in taking advantage of every interaction and transaction, drawing meaning from that and understanding what that implies in terms of how we build more relevance with our customers.”
Buluswar listed five questions banks should consider when deciding whether to deploy AI and advanced analytics on a process:
- Is there significant customer or regulatory exposure of the process?
- Are manual processes already being performed at scale?
- Is there partial coverage in solving the problem already?
- Is there a significant exhaust of data that is not being tapped?
- What are the financial implications of truly end-to-end automation, from both a risk and cost-savings standpoint?
Buluswar said these 5 conditions allowed Citi to identify problem segments across business lines that “matter” at scale.
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