Citi Ventures accelerating AI-driven business operations in Citibank

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Founded in 2010, Citi Ventures is the innovation wing of Citibank operating through six global innovation labs. The wing aims at assessing new business models and investing in in promising startups offering new technological solutions. Citibank, through its inorganic growth strategy, is focused on achieving its innovative objectives to scale up its business that has a daily average institutional and business transactions amounting to approximately US$ 3 trillion. The focus areas for deployment of these innovative initiatives range from financial services and technology to data analytics and machine learning; commerce and payments; security and enterprise IT; and marketing and customer experience.

Ayasdi investment augments Citibank’s operational efficiency

Being one of the Institutional Venture Partner (IVP) of Ayasdi, Citibank skilled its operations with a combination of Big Data and Artificial Intelligence (AI).  Ayasdi’s technology platform automates and simplifies the analysis of large and complex data for a multinational company like Citibank. With automated mapping of all structured and unstructured data, and application machine-learning algorithms in combination with artificial intelligence and topological mathematics, the unique approach helps Citibank to increase operational efficiency, risk mitigation and improve customer servicing.

Citi Ventures invests in the next generation cyber-security provider Cylance  

With Security and Enterprise IT being one of the focus areas of Citi Ventures, investment in Cylance was a strategic move by the innovation group to keep their systems safe with AI driven cybersecurity techniques. Cylances’ flagship product, CylancePROTECT, applies AI technology to offer a cybersecurity that can predict, prevent and protect its client companies from any form of targeted and advanced cyberattacks. The product, thus, constantly protects the enterprise IT system of Citibank in the current highly prone cyber-threat environment and reduces the cost of maintaining individual teams for security and developing expertise to encounter every new threat to the IT system.

Citi Ventures makes banking and e-commerce safer with Feedzai investment

Banking and e-commerce are the most widely used services by the customers and ensuring secure and safe transactions is the onus of the bank. Feedzai provides an effective platform for fraud detection in banking and commerce with the application of big data and artificial intelligence. The AI platform constantly scans data, detects threats and alerts customers immediately to protect them against fraud. The Feedzai investment by Citi Ventures is an acceleration to innovation in business operations of Citibank.

Citi Bot launched on Facebook Messenger in Singapore

Citibank has launched its banking chatbot, Citi Bot, on Facebook messenger to provide account information readily on the most popular and widely used channel. The bot operates on the natural language processing that programs computers to understand human language hints. Citibank has designed the chatbot to have customer interaction like human conversation and furnish information for basic queries of banking including points balance, rewards, account balance and transaction check, responding to frequently asked questions and supplying credit card bill summary.

Currently launched in Singapore, the bank plans to expand the chatbot to Asia Pacific region depending on its success. Based on the feedback of 600 customers and employees’ having the initial access to the bot, Citibank also plans to make enhancements such as activating card, enabling lock and unlock of credit cards, and getting transaction alerts through bots before its commercial launch.

Mastercard AI tool to increase Citibank’s Fraud Detection competence

Citibank is among the first technology users of the Mastercard AI tool named Decision Intelligence. Decision Intelligence is a tool that uses artificial intelligence to provide complete fraud determination service. It is the first global scale implementation of artificial intelligence being used directly on Mastercard network. The solution provided by Decision Intelligence will help Citibank to increase its rate of fraud detection and efficiency in generating fraud alerts. With increased fraud detection competence, Citibank customers will have maximum security from cyber threats.

To know more and get deeper understanding of AI in banking industry, click here.