NatWest has revealed that it is the first UK-headquartered bank to partner with OpenAI as part of its bank-wide simplification strategy.

The move will include the rollout of AI to improve productivity and efficiency across the organisation.

NatWest said the large-scale collaboration could accelerate how quickly and widely it can implement some of the “most powerful” developments in generative AI (genAI), providing direct access to OpenAI’s latest technology and insights.

The bank is already exploring over 275 AI projects, with roughly 25 use cases in production.

This includes the company’s AI virtual assistant tools Cora+ and AskArchie.

According to the bank, the genAI functionality offered by Cora+ has shown a 150 per cent improvement in customer satisfaction, while reducing the number of times a colleague needs to intervene.

Cora+, developed in collaboration with IBM, built on new capabilities last year to create an intelligent virtual agent that uses genAI to provide more "intuitive and conversational" customer experiences.

The further development of the bank’s digital assistant services for customers will be a key area of focus for its partnership with OpenAI. This will include facilitating new ways for customers to use AI to help them with more complex tasks, including the identification, reporting and resolution of fraud and scams.

NatWest also believes there is opportunity to leverage digital assistants to help customers better understand their financial position, using AI to help them to plan and set goals for the future.

Additionally, employees at the bank could use the technology to develop "even more sophisticated tools" to assist them with supporting customers, including fraud prevention and complaints handling across its retail, commercial and wealth businesses.

“With the needs of customers evolving at an extraordinary pace, it’s our role to be a trusted partner and meet their expectations faster and more effectively than ever before," said Scott Marcar, chief information officer, NatWest. "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.”

NatWest's chief executive of retail banking Angela Byrne said that around 80 per cent of retail customers bank with us entirely digitally, which is why the bank is so focused on improving the digital experience.

"GenAI is already transforming how we interact with our customers, both digitally and by better enabling colleagues," she continues. "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.”

Last week, Nubank announced it had partnered with OpenAI to roll out a new genAI-powered call-centre co-pilot, an AI assistant, and a search model for its team of more than 5,000 employees.

In May 2024, BBVA rolled out OpenAI’s ChatGPT as part of a new deal.

The Spanish bank said at the time that the move made it the first European bank to forge a partnership with the genAI company.

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