Citi Launches NextGen AI-Powered Risk Analytics Scoring Engine
Citi Unveils NextGen AI-Powered Risk Analytics Scoring Engine
Citi made waves in the financial industry on Monday with the announcement of its latest innovation – NextGen, an artificial intelligence-powered risk analytics scoring engine. Teaming up with EY and SAS, Citi aims to revolutionize the way trade transactions are reviewed, streamlining processes and ensuring regulatory compliance.
The NextGen platform combines EY’s expertise in business, risk, and technology consulting with SAS’ advanced analytics platform to offer a service that digitizes and automates the trade compliance process. This move will eliminate manual processes, provide better insights into risk activities, and optimize operations from the back office to the front.
John Ahearn, global head of trade for Citi Treasury and Trade Solutions, expressed excitement about the project, stating, “By leveraging innovation, we continue our strategic journey to drive digitization throughout our worldwide operations.” With the ability to process nine million transactions annually, the NextGen project will enhance processes through digitization, automation, and advanced analytics.
The NextGen Platform will provide in-depth analysis of global trade transactions, advanced analytics, natural language processing, and process automation. By combining analytic results with trade-related bank policies, the platform will help Citi focus on trade activities that require further examination as part of its escalation process.
Stu Bradley, vice president of fraud and security intelligence at SAS, highlighted the significance of the platform in addressing the scale and complexity faced by banks in trade finance and compliance activities. The advanced analytics platform will enable Citi to monitor trade transactions more effectively and efficiently, leading to improved risk posture, response times, and reduced operational costs.
This latest move by Citi’s global trade business underscores its commitment to digitizing platforms and processes using cutting-edge innovations. With a focus on utilizing AI to automate manual processes, Citi is poised to stay ahead in the rapidly evolving financial landscape.
In a statement, Jake Jacobson, EY U.S. managed services CIO, emphasized the importance of innovative technology in transforming trade compliance processes and meeting regulatory expectations. By moving away from manual, paper-based processes, banks can reduce operational costs and enhance the customer experience.
Overall, Citi’s NextGen AI-powered risk analytics scoring engine represents a significant step forward in the digitization of trade compliance processes, signaling a new era of efficiency and effectiveness in the financial industry.
