About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Citi’s Pandit Planning IT Overhaul Over Next Three Years in Cost Saving Initiative

Subscribe to our newsletter

Vikram Pandit, Citi’s CEO, is championing an overhaul of the firm’s technology infrastructure in order to reduce duplicative systems and achieve significant cost savings. Earlier this year, the bank stated that it was intending to save at least US$1 billion in technology costs in 2009 via the rationalisation of its systems, but recent reports have indicated that it is on course to gain even greater costs savings.

Pandit is keen to integrate previously disparate systems, of which acquisitive Citi has many, across its entire business. On the data integration side, the bank has lost previous chief data officer, John Bottega, to the Fed, but some aspects of data management remain on the to do list for this year.

Julia Sutton, Citi’s global head of customer accounts operations, briefly elaborated on the bank’s plans to introduce a centralised utility for customer data at last year’s Fima conference in London. To this end, the bank is working with Avox and Markit Document Exchange on normalising and validating its customer data and documentation, which recently resulted in the announcement of a public partnership between the two vendors.

Given Pandit’s zeal for It rationalisation, it seems likely that more data integration projects will be on the cards in the near future.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Client onboarding – how developments in tech and automation can help optimise entity data management and improve KYC

Financial services providers spend billions of dollars a year on Know Your Customer (KYC), client onboarding and due diligence. Yet even with vast investment, these processes rarely run smoothly. They also fall short of delivering a good client experience and fail to cut down on financial crime. At the heart of the problem–and solution–is data....

BLOG

Private Markets Data Opportunities Under the Microscope: Webinar Preview

As institutional asset managers accelerate their allocations into private markets, they often find themselves facing an alien landscape when it comes to data. Used to the data-driven systems that power public capital markets, investors in private markets, including private equity and private credit as well as alternatives such as property, must contend with greater opacity,...

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Entity Data Management Handbook – Fourth Edition

Welcome to the fourth edition of A-Team Group’s Entity Data Management Handbook sponsored by entity data specialist Bureau van Dijk, a Moody’s Analytics company. As entity data takes a central role in business strategies dedicated to making the customer experience markedly better, this handbook delves into the detail of everything you need to do to...