NatWest has unveiled a new generative AI upgrade to its digital assistant Cora.

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

NatWest said that the move makes it one of the first banks to use the technology in this way, with its chief digital information officer Wendy Redshaw marking it as a "major step forward" in how customers interact with its services.

The upgrade will initially be introduced as a 12-week pilot to address learnings and updates, with NatWest planning to officially roll out the technology at a later date.

Plans for Cora+ were first announced in November last year as part of the bank's wider strategy to offer AI-powered personalised support.

Cora currently answers banking queries 24/7 through natural language processing and machine learning capabilities.

The bank revealed that in 2023, the digital assistant helped customers with 10.8 million queries in their day-to-day banking needs, an increase from just over five million in 2019.

NatWest's chief executive of retail banking David Lindberg said that AI has
been a key tool for NatWest since we introduced Cora in 2017 and nearly 11 million queries were answered last year alone to help customers manage their money.

"Cora+ is better able to anticipate their needs, make suggestions and respond in a more ‘human’ way to questions," continued Lindberg. "Cora+, using generative AI, will transform the way our customers interact with us on their day-to-day banking needs.”

The bank says that once Cora+ is fully rolled out, the digital assistant will be able to anticipate customer needs, without requiring the customer to think of what to ask, based on past interactions and transaction history.

It will also will be able to access information from multiple secure sources in one place, including a variety of products, services and information about the bank.

Cora+ can be accessed through various channels, including the NatWest website, mobile app, and social media platforms.

NatWest assured customers that they will continue to have the option to speak on the phone with customer representatives during business hours.

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