NatWest has entered into a five-year partnership with Amazon Web Services (AWS) and Accenture to unify its customer data streams into a comprehensive, bank-wide data platform powered by artificial intelligence.
This initiative aims to enhance the management of data for 20 million customers, enabling the bank to better anticipate and address customer needs with tailored services. The improved data infrastructure will provide relationship managers with deeper insights into their clients’ financial well-being. This will empower them with advanced analytics and tools necessary to offer proactive recommendations, products, and support.
The enhanced quality of data is projected to streamline various operational processes, including faster onboarding of clients, improved handling of customer complaints, and heightened security measures. The ability to swiftly alert customers about potential fraud risks will be significantly enhanced, along with more efficient financial, risk, and regulatory reporting through superior data sourcing.
Paul Thwaite, CEO of NatWest Group, stated, “This collaboration with Accenture and AWS is pivotal in our journey to transform NatWest into a more technology-driven and data-centric institution. As our industry evolves and customer expectations shift rapidly, we are committed to building our capabilities to better understand and meet these needs efficiently. With access to high-quality data, we can continue to transform the way we serve our customers, leveraging AI and advanced technologies for more personalized products and services.”