Nationwide Building Society is set to enhance its utilization of Generative AI following a successful initial deployment in collaboration with Microsoft.
The UK-based financial institution has integrated GPT-4 through Azure OpenAI to automate the generation of letters, allowing staff to focus on more meaningful tasks. This initiative has significantly reduced back-office response times from an average of 45 minutes to just 10-15 minutes, marking an efficiency enhancement of approximately 66%.
“Generative AI holds immense potential for transforming how organizations engage with their customers while simultaneously enhancing employee experiences,” remarked Srinath Kanisapakkam, Chief Data and Analytics Officer at Nationwide. “I am thrilled by the results of our first Generative AI project with Microsoft and the rapid implementation we achieved.”
Central to Nationwide’s expansion plans is the development of a new data framework. The institution has leveraged Microsoft Azure to consolidate its extensive data assets. Subsequently, it utilized Azure Databricks, a unified open data analytics platform, alongside Teradata’s VantageCloud, to analyze and manage this consolidated data effectively.
Governance plays an essential role in this strategy. Nationwide has launched an AI Centre of Expertise with the assistance of IBM Consulting to guide and manage its AI initiatives. Additionally, an AI Council has been established to ensure all AI applications align with principles of responsible AI.
Paul Ballard, the Technology Strategy and Enterprise Architecture Director at Nationwide, emphasizes that the organization’s focus on AI is aimed not at reducing personnel numbers, but at empowering employees to “maximize their impact.” He confirms that all Generative AI outputs undergo human review, reinforcing the commitment that a human will always be part of the process. “Our approach is ‘Copilot, not autopilot,'” he states.
Ballard believes that the successful integration of customer relationship management data will facilitate the development of additional applications using Azure OpenAI in the future. He highlights potential use cases, including contact center operations, credit risk evaluation, economic crime monitoring, and CO2 emissions reporting, as well as virtual assistant ‘Arti.’
“Generative AI will allow us to provide more personalized digital offerings, enhance service quality, and improve decision-making, risk management, and operational efficiency,” he explains. “Whether in customer service or other areas, AI presents an opportunity to evolve not only our activities but also our methodologies. This, in turn, will help foster more interconnected and engaging experiences for both Nationwide members and staff.”