Data management

Tim Ryan, who joined the megabank in June, will work with COO Anand Selva to oversee enhancements to Citigroup's data integrity systems, according to a memo.

The credit bureau's Argus unit collected the bank's credit card data on behalf of regulators, then used it in the benchmarking service it sells to other banks, the bank says. The suit comes at a time when bank data is becoming increasingly open, at least in theory.

The multiple potential applications of generative artificial intelligence to the financial services industry are a huge opportunity — for the institutions prepared to adapt.

Banks already share consumers' transaction data with fintechs, mostly through data aggregators, and often grudgingly through screen scraping. The proposed 1033 regulation could give more control to consumers, better data access to fintechs and a competitive edge to big banks over smaller ones, some observers say.

Jeff Banks intends to give bank staff easier access to data and clearer insights they can use to make decisions.

The industry's data burden in 2023 is likely to be substantial, experts say.

The upstate New York bank took criticism last year over layoffs tied to its acquisition of People's United Financial. Connecticut's attorney general now has additional questions about both the job cuts and problems with a recent systems conversion.