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NatWest banks on AI for new RegTech

NatWest is ready to trial AI technology following its partnership with Recordsure.

By Parisa Qurban

NatWest is just the latest big bank to tap into the power of AI, with the high-street lender trialling new technology to give customers the best possible information and advice.

The trail will see NatWest tap into an AI compliance tool from Recordsure, which will record face-to-face and telephone conversations between the bank and customers. The AI tech encrypts and uploads the recordings to a secure cloud in real-time, making it impossible to tamper with.

The AI technology analyses interactions and classifies sections of the recorded conversation. It can identify where in a conversation a customer was given initial disclosures, and even identify parts which were just general chit chat. All the while, the technology is continually learning and improving its understanding of interactions and context.

Natwest Banking IoT AI Recordsure

The ultimate aim in the trialling of this technology is to increase the efficiency of compliance processes; it is claimed by RecordSure and NatWest that the technology has the potential to make compliance processes 50% more efficient.

Joanne Smith, CEO of Recordsure said: “NatWest has seen first-hand how our technology can provide a better experience for customers and improve compliance oversight for staff.  Recordsure can create significant efficiencies in bank’s compliance monitoring processes, resulting in up to a 50% reduction in compliance costs which means staff will have more time to spend proactively helping customers

“The Recordsure technology will help NatWest to become much better at living up to the high standards of compliance and conduct it that it has committed to”

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NatWest is currently trialling the tech with some of its mortgage advisors and looking at how it can further be deployed to improve customer experience in other areas of the bank. This is just the latest tech investment made by the lender – in February the bank launched a self-service online investment service, in addition to introducing paperless online processes which have cut opening and lending applications from SMEs from days to minutes.

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