Innovation in Financial Services
Davinia Conlan
Country Head, Citi Ireland
There has been substantial growth in Ireland’s financial services in the last 25 years. Citi has grown from approximately a team of 80 people in the late 1990s to over 2900 people today. We are in the process of developing a new building on the North Docks, a signal of our long-term commitment to Ireland.
Our successful growth story here is in part due to the strong innovation ecosystem. For many years, our teams in Ireland have been directly involved in the creation and development of banking and payment technologies, products and services for use by our global client base. We have worked closely with industry and academia to develop key skillsets here allowing us to conduct collaborative research and development of best-in-class products and services.
As a result, many of Citi’s global products are managed from Ireland and we have been able to place greater numbers of innovation and technology roles in this location. We have over 700 people working in technology roles here now. Ireland is also the home to Citi’s Global Artificial Intelligence Centre of Excellence and we are very invested in discovering how this transformative technology can be responsibly applied to financial services.
Teams in our Ireland office have been involved in some of the most significant innovations in global digital finance last year. Citi’s clients have a need for ‘always-on’, programmable financial services and blockchain is a key enabler in the accelerated delivery of cross-border payments and automated trade finance solutions on a 24/7 basis. In September 2023, Citi Treasury and Trade Solutions announced the creation and piloting of Citi Token Services for cash management and trade finance.
The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized bank deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities. These services sit upon the platform conceived and built right here in Ireland and expanding globally.
Many of Citi’s global products are managed from Ireland and we have been able to place greater numbers of innovation and technology roles in this location.
Another major innovation driven from Ireland this year was the role Citi played in the first Digitally Native Note (DNN) issued via Euroclear’s Digital Financial Market Infrastructure. The EUR 100 million 3-year DNN was issued by the World Bank - International Bank for Reconstruction and Development (IBRD) and listed on the Luxembourg Stock Exchange. The creation of an English law DNN is an important first step in the evolution of bond issuances and lays the foundation for Citi to be a leader in a fully digital, end-to-end transaction cycle.
Globally, fintech and digital finance are where internet-based companies were 15 years ago – on the verge of exponential growth. Ireland can and should capitalise on this huge opportunity and emerge as an international hub for digitally enabled financial services. We must foster greater collaboration between the unique blend of top-level financial services and technology leaders based in Ireland. We need to focus on building the right combination of skill sets and capabilities working with the education sector, regulators, industry and increasing collaboration between the public and private sector to ensure this happens. The future of financial services will be digital and Ireland has a major role to play.
