NatWest Group has teamed up with OpenAI to enhance its banking operations and elevate customer service through artificial intelligence. This partnership will enable NatWest to implement advanced AI technologies more swiftly and efficiently, resulting in a more effective and responsive banking experience for customers.
By collaborating with OpenAI, NatWest will have access to cutting-edge developments in generative AI (GenAI) while ensuring robust data privacy measures are in place. This alliance builds on NatWest’s current AI-driven tools, including virtual assistants Cora+ and AskArchie+, with the goal of broadening AI-based solutions throughout the bank.
Through this initiative, NatWest aims to improve customer service today while preparing for future innovations in banking technology. A primary objective of this collaboration is to enhance the bank’s digital assistant services, enabling customers to utilize AI for more intricate tasks. This includes streamlining the identification, reporting, and resolution of fraud and scams. Additionally, NatWest sees potential in using AI-powered assistants to help customers better understand their financial situations, set objectives, and plan for the future.
For NatWest employees, AI has the potential to enhance tools that facilitate customer interactions, making fraud prevention, complaint resolution, and customer service across Retail, Commercial, and Wealth sectors more efficient. This initiative seeks to create a more seamless and secure banking experience for both customers and staff.
NatWest Group Chief Information Officer Scott Marcar said, “AI is already playing a vital role in our digital transformation, helping colleagues across the bank to serve customers in a more personalised and productive way. We now have the potential to accelerate this even further by accessing OpenAI’s newest technologies and expertise. As we adapt to advances in technology, we will continue to do so most safely and responsibly, prioritising our customers and colleagues every step of the way.”
Giancarlo Lionetti, OpenAI’s Chief Commercial Officer, said, “This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences. The first wave of activities will deliver tangible benefits to both NatWest’s customers and employees while our ongoing work together paves the way for future AI banking innovations.”
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