When Rajen Shah left Kenya after Form Four to further his studies, he had his sights set on a career in pharmacy. But he dropped out to venture into banking with only high school education.
‘I moved to the UK to study pharmacy, and even worked at one for a year, but I didn’t quite like it. I was trying to decide whether to continue pursuing pharmacy when I started applying for jobs in a lot of places, as we all do. That’s how a role came about at State Street [State Street Bank UK]. I started on an apprenticeship, but I now have a degree and an MBA from the London Business School,’ he tells the BDLife.
Today, Rajen is Citi’s global chief operating officer (COO) for technology and business enablement. He is at the core of the technological shift happening in banking.
Before joining Citi, Rajen served as vice president, group audit at Deutsche Bank and as a senior auditor at Lehman Brothers.
Over the years, he says he has seen banking change. In 2026, artificial intelligence (AI) is leading this change as banking services increasingly go digital.
For instance, in the UK, where he is based, Revolut, a digital-only neobank, has surged in popularity, putting pressure on traditional institutions such as Citi and offering a glimpse of what the future of banking might look like.
Rajen believes that while the medium of delivery shifts in this new technological era, the heart and core of banking will remain: customer experience and trust.
‘Ultimately, we are in the business of moving money and safeguarding assets. What our clients want when looking at all these digital journeys is trust from a global brand,’ he says.
While AI opens a plethora of opportunities, there are concerns over its impact on jobs. Standard Chartered Group CEO Bill Winters’ remarks in May 2026 on AI replacing back-office roles, which he termed ‘lower-value human capital’, have resulted in controversy that banks like Citi would leverage the technology to cut jobs.
For Rajen, however, anxiety around AI closely mimics similar concerns around the entry of the desktop computer, the ATM and even the smartphone into banking.
‘Every time we automate processes, we become better. We basically become better and find the value proposition that our clients want,’ says Rajen, who this year marks his 13th anniversary with the multinational investment bank and financial services firm.
Career roles
Over the course of his career at the institution, he has held several senior roles, including chief auditor for data quality and global chief administrative officer for enterprise operations and technology.
‘I didn’t have a mobile phone when I grew up in Kenya, but as I got the mobile phone, my expectations changed, and in some cases, I would say they dramatically increased. I think this is how we are all evolving.’
Workers, especially software developers, are being pushed world over to use AI in their everyday workdays, amplifying business costs as each firm angles to squeeze out the most benefits from the technology.
The workers and their bosses have described token maxing, where each staff member has been assessed on their AI use in output, almost to a fault.
Rajen, however, argues that not everything needs an AI fix, drawing the example of why a Ferrari is not always the right vehicle for every driving situation.
Life without a jacket
Having grown up in Mombasa where he owned no jacket, he describes borrowing one during his travels to the capital, Nairobi, as an analogy for the cautionary tale of not forcing technology where no use case exists.
‘I never owned a jacket when I lived in Mombasa, and the only time I needed one was when I travelled by the then 12-hour train to Nairobi once a year for about three days. I would borrow a jacket for the three days. I did not need to invest in that jacket.’
Rajen credits much of his career trajectory to being willing to take on new challenges. Over the years, people around him have nudged him to take risks and venture into unfamiliar territory.
Risk taking vs being bold
But he is quick to draw a distinction between being bold and simply taking chances. The risks, he says, should be calculated, grounded in experience, skills and personal interests.
‘It’s about taking and making informed choices, not necessarily just taking a chance at the wild. You need to have the ability to give something of value to the role. You also need resilience and a strong thirst to learn and improve yourself,’ says Rajen, who, away from work, runs a nonprofit that supports disadvantaged children and communities around the world through education and infrastructure projects.