Citi has entered a multi-year partnership with Google Cloud to accelerate its digital transformation using cloud technology and artificial intelligence. The collaboration aims to modernise Citi’s technology infrastructure, migrate key workloads to Google’s secure cloud platform, and enhance both employee and client experiences.
The agreement includes moving several Citi applications to Google Cloud’s infrastructure, which will allow Citi to offer improved digital products, streamline workflows, and support high-performance computing (HPC) and analytics platforms. These platforms will enable Citi’s Markets business to handle millions of computations daily, helping optimise trading and financial modelling capabilities.
Additionally, Citi plans to leverage Google Cloud’s Vertex AI platform to deploy generative AI solutions across the company. These AI capabilities will support developer toolkits, document processing, and customer service digitisation, aiming to improve efficiency and enhance client interactions.
Commenting on the partnership, Vikas Srivastava, CRO at cloud-based currency technology provider Integral, tells TradingTech Insight: “Traditional market participants, like Citi, can either see the shift to cloud as a threat, or as an opportunity. It could be seen as a threat in the way that cloud democratises access to new capabilities and services. But, ultimately, it’s an opportunity in the way institutions can still keep their unique value-add for their clients, while leveraging cloud technology to improve operational efficiencies and streamline workflows. It removes some of the more onerous, manual tasks and allows them to focus on new innovations – the cloud essentially enables doing more with less.”
Google Cloud’s infrastructure, designed with multi-layered security measures such as data encryption at all stages and compliance with financial industry standards like PCI DSS, ISO 27001, and SOC 2, aligns with Citi’s regulatory and security needs. This foundation enables Citi to advance its digital transformation initiatives while maintaining stringent data protection standards.
“Citi is on a mission to modernize our infrastructure and increase our safety and soundness so that our businesses can continue to serve our clients with speed and agility,” says 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.”
“Our strategic partnership with Citi to continue to modernize its technology infrastructure and drive enterprise-wide innovation underscores Google Cloud’s commitment to helping the financial services industry transform with cloud and AI technology,” adds Thomas Kurian, Google Cloud CEO. “By combining Citi’s deep banking and customer experience expertise with Google Cloud’s leading cloud and AI capabilities, we can deliver significant benefits to Citi’s clients and employees.”
This partnership reflects Citi’s commitment to integrating advanced cloud and AI technologies to drive operational efficiency and expand digital offerings in a competitive financial landscape.
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