Citizens launched Reimagine the Bank, targeting $450M of benefits by 2028 (interview)
In an interview, Citizens' president says its AI-led Reimagine the Bank plan consolidates vendors and offices to target $450 million of benefits by 2028.
What was changed
In a March 2026 Banking Dive interview, Citizens president Brendan Coughlin says the Providence-based, $226 billion-asset bank is six months into Reimagine the Bank, a plan he describes as taking a giant step back: simplifying the business model through vendor consolidation and a smaller office footprint, and applying AI to reshape operations. Through nearly 50 initiatives the bank targets about $450 million of benefits by the end of 2028, about two-thirds from expense efficiencies.
For this year it projects about $50 million of one-time costs offset by $45 million of benefits. Coughlin says Citizens aims to have 25% of customer calls answered by non-humans by the end of 2026 and 50% longer term; about 70% of calls are now answered overseas by a vendor, and outsourced agreements will be shed before directly employed roles. Engineers are shifting to managing code-writing AI agents, and he says deployed tools make them 30% more productive.
On the physical side, the bank has exited 19 small buildings, is deciding where to base its biggest office hubs, and is rolling out a new mobile app that about 15% of customers can use, with 100% expected within 30 to 45 days. He says the bank is also picking one chat tool instead of several across divisions.
Why it worked
Coughlin says the bank must compete with larger lenders spending far more on technology, and AI-driven productivity is how it hopes to keep pace.
He says AI tools become obsolete in months, so the old set it and revisit in five years mindset has to go.
Simplifying vendors and buildings funds the programme: about two-thirds of the targeted benefits are expense efficiencies.
What can be applied
A mid-sized bank can fund its AI push by simplifying first: fewer vendors, fewer offices and an outsourced call-center layer shed before its own staff.
Aftermath
The interview is a mid-programme progress report. The $450 million is a target, not a result; Citizens gives no headcount projection, though Coughlin expects clerical and administrative roles to be needed at a smaller scale over the long term. CEO Bruce Van Saun said in January there was a lot of wood to chop to execute the program.