Bill Krivoshik, former CIO of AIG, says working for the diversified global insurer is similar to working for his current employer, Citigroup (New York).
"Both Citigroup and AIG are global companies with a strong focus on profitability, so there are a lot of similarities between the two organizations," says Krivoshik, currently managing director and head of technology for the Global Investment Management and Private Banking Group at Citigroup. Krivoshik not only has responsibility for technology in the US, but also oversees technology efforts in Japan, Singapore, Switzerland, the UK, Mexico, Argentina, "and many other countries," he adds.
"Some of the challenges are the same," he adds. "Our business is fast paced, so technology needs to be closely aligned with the business. Retaining talented staff, as well as attracting talent, is a fundamental focus."
Since joining Citigroup in June 2000, Krivoshik has continued Citigroup's strategy of consolidating the middle- and back-office platforms, while continuing "to invest in our front-end, customer-facing systems," he says.
Over the next few years, Krivoshik says there is still promise in the Internet. "The Internet provides the opportunity to extend our reach, create new products and services and improve productivity." Also, "wireless technology also has great applicability in reducing cost. In some regions we've been very successful in using wireless alerts to stay closer to our customers."
Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio