Jane Fraser, CEO of Citigroup, shared with the South China Morning Post that the banking industry is engaged in two simultaneous AI races. The first focuses on leveraging AI to enhance business models, accelerate product development, and improve customer experiences to boost revenue. The second race is centered on defense, where Citi’s priority is safeguarding its operations and data. Fraser emphasized the critical role AI plays in transforming financial services amid growing technological and competitive pressures.
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