Citi is moving deliberately on artificial intelligence, refusing to rush the integration of external AI agents into its systems. Naveed Anwar, the bank’s global head of AI, digital and data platforms, said the New York City-based lender is not rushing the process at the Money20/20 conference.
Blocking access to prevent risk
The bank has halted any agent-based connections to its systems, beyond existing open banking read-only access. “As of right now, no one is connecting to Citi agentically, because we just don’t know what those models will be able to do,” Anwar said.
Citi is implementing a “know your agent” process to meet regulatory demands and ensure proper guardrails are in place. The bank wants to enhance the client experience but is prioritizing risk management. Anwar noted that the financial services sector is wary of creating unauthorized risks within the ecosystem.
Major institutions, including JPMorgan Chase and Bank of America, have similarly blocked external AI agents from accessing accounts. Fifth Third has stated it does not allow AI agents to initiate transactions. The industry trend focuses on ensuring a human remains in the loop for any transaction involving AI.
Industry concerns over third-party agents
Other banks are also blocking third-party AI agents from accessing accounts. Executives at Money20/20 warned that lenders must add friction to transactions involving agents. PNC CEO Bill Demchak stated that no bank will allow agents to transact without a human present.
Internal AI improvements for efficiency
Citi is deploying AI internally to improve operational efficiency. The bank uses AI to generate document checklists and handle intelligent document processing, reducing account opening times from weeks to minutes.
The services unit has debuted 15 AI use cases, with about 60 more rolling out between the fourth quarter and the first quarter. Anwar explained that applying successful AI strategies across different business units is more efficient than having teams “reinventing the wheel every single time.”
While Citi proceeds cautiously with external AI agents, it is aggressively adopting internal tools to streamline operations and client onboarding. The bank’s focus remains on maintaining control while adapting to the growing demand for embedded, conversational banking experiences.
