UK-based retail bank NatWest has partnered with OpenAI to integrate AI into its digital assistants and customer support systems, marking a first for a UK-based bank. The collaboration, said the former, would boost customer satisfaction, reduce operational costs and combat financial fraud. The initiative will also allow NatWest to leverage OpenAI’s GenAI technology, ensuring robust data privacy measures are in place.
The partnership builds on NatWest’s existing AI tools, such as Cora+ and AskArchie+, to meet evolving consumer banking needs and swiftly adapt to new opportunities. The primary focus will be on advancing digital assistant services to aid customers with complex tasks, including fraud detection and resolution. Additionally, NatWest plans to use AI to help customers better understand their financial status and set future financial goals.
For NatWest employees, the collaboration promises to develop advanced tools for customer support, including fraud prevention and complaint management across its Retail, Commercial, and Wealth sectors.
“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,” said NatWest Group chief information officer Scott Marcar. “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 in the safest and most responsible way, prioritising our customers and colleagues every step of the way.”
NatWest’s AI initiatives drive operational and service improvements
NatWest is actively exploring over 275 AI projects, with approximately 25 use cases already implemented, leading to significant operational and customer service enhancements. The GenAI capabilities of Cora+ have resulted in a 150% boost in customer satisfaction while decreasing the need for colleague intervention.
“Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable,” said NatWest Group Retail Banking CEO Angela Byrne. “GenAI is already transforming how we interact with our customers, both digitally and by better enabling colleagues. Our work with OpenAI will take this even further through redefined digital experiences and helping to offer even better protection from threats like fraud and financial crime.”
Earlier this week, another UK lender Metro Bank announced a partnership with Covecta, an AI platform designed for financial services, which will be implemented within its corporate and commercial credit divisions. Covecta, an external Agentic AI solution, will handle tasks throughout the loan lifecycle, from lead acquisition to servicing. The technology aims to reduce tasks that typically require hours of manual work to just minutes.
Read more: Agentic AI to automate 80% of customer service queries by 2029, predicts Gartner
