Citizens Financial follows through on cloud migration

Citizens Financial Group will continue to modernize its cloud-based digital platforms and move away from internal applications in 2023 following last year's cloud migration efforts. WHY IT MATTERS: In 2022, the $225 billion Citizens moved its direct-to-consumer digital platform Citizens Access to a cloud-based platform and will continue to take to the cloud through its newly launched TOP 8 program, which focuses operations on enterprise, business and technology initiatives, according to the bank’s earnings presentation. [caption id="attachment_57365498" align="alignright" width="300"] Photographer: Scott Eisen/Bloomberg [/caption] The bank is moving to the cloud to “offer a complete digital bank experience to serve customers nationwide with a focus on the young, mass affluent market segment,” Chief Financial Officer John Woods said during today’s Q4 earnings call. BY THE NUMBERS: Citizens posted for Q4: Total revenue grew 29% YoY to $2.2 billion; Noninterest expenses increased 20% YoY to $1.2 billion; and Equipment and software expenses increased 16% YoY to $170 million. NOTEWORTHY: Today, the bank announced TOP 8, which will prioritize the following technology enhancements in 2023: Infrastructure updates to data center closures, migration to the cloud, network transformation and organization rationalization; Standardize applications and technology platforms; and Converge legacy platform to modern banking platforms. FLASHBACK: Citizens is also looking to build on its point-of-sale offering Citizens Pay , which first launched in 2021, according to a Citizens release. “Citizens Pay, for example, is an area where we have significant running room,” Woods said. “We’ve attracted many new partners, about 150 versus a year ago, which should really ramp that business.” FUTURE LOOK: Between 2023 and 2025 the bank plans to introduce digital checking and credit cards, enhance digital platform capabilities , and converge its legacy core with Citizens Access to create a single integrated platform, according to the earnings presentation. “We’re working toward a data center exit in 2025,” Woods said. “There’s a lot of strategic initiatives that are built within the TOP 8 program.” [stock_market_widget type="inline" template="generic" assets="CFG" markup="{name} ({symbol}) is trading at {price} ({change_pct}) {last_update}" display_currency_symbol="true" api="yf"] Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1673986377342.1673991521645.718&__hssc=41615677.16.1673991521645&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1673986377342.1673991521645.718&__hssc=41615677.16.1673991521645&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

Citizens Financial follows through on cloud migration

The bank announced the TOP 8 operations and delivery program today

Buy-now-pay-later demand climbs among squeezed UK pensioners

Discover execs join Bank Automation Summit US 2023

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Citizens Financial follows through on cloud migration

The bank announced the TOP 8 operations and delivery program today

Buy-now-pay-later demand climbs among squeezed UK pensioners

Discover execs join Bank Automation Summit US 2023

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