Citizens Financial is exploring automation and AI opportunities within the bank through its Top 9 efficiencies program. 

The new technology will improve customer experience, Chief Financial Officer John Woods said during the bank’s second-quarter earnings call today, adding, “We are also looking at ways to simplify our organization and find even more savings in procurement.” 

WHY IT MATTERS: In Q1, the bank focused on legacy infrastructure and platform updates through its Top 8 efficiencies plan, according to its earnings presentation. 

Now planning has started for Top 9, which includes “re-imagination of operations through process reengineering, automation and AI,” according to the presentation. Additionally, through Top 9, the bank is looking to improve the customer journey through generative AI. 

BY THE NUMBERS: Citizens posted in Q2: 

• Equipment and software expenses increased 9% year over year to $177 million; 
• Noninterest expenses remained relatively flat YoY at $1.3 billion; 
• Salary and employee benefit costs fell 2% YoY to $601 million; and 
• Total revenue grew 5% YoY to $2.1 billion. 

FLASHBACK: During Q2, Citizens explored use cases for generative AI within its contact centers, in advising and for coding. 

The bank is looking to AI to improve employee efficiencies, Michael Ruttledge, chief information officer, previously told Bank Automation News. 

Training, education programs and investment in AI will help Citizens employees enhance their skill sets, he said. 

FORWARD LOOK: Citizens continues to invest in and roll out products, including a financing tool for large purchases, Citizens Pay, and cloud-based platform Citizens Access. 

Further enhancements to Citizens Access will set up checking capabilities scheduled to launch by the end of the year, according to the presentation. In 2025 or later, Citizens plans to converge its legacy core with Citizens Access to create a single, integrated platform. 

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