NatWest is enhancing its digital chatbot, Cora, by integrating generative AI, aimed at delivering more sophisticated and proactive responses to customer inquiries.
In partnership with IBM, the upgraded version, referred to as Cora+, will launch as a 12-week pilot program, which will facilitate the collection of insights and adjustments before a wider rollout is implemented.
This advanced chatbot will have the capability to aggregate information from a range of secure sources, encompassing an extensive array of the bank’s products and services. Customers can now pose questions and receive answers in a more conversational tone, along with links to relevant information that they can either access immediately or save for future reference.
In the previous iteration, inquiries related to mortgages or lending would typically lead customers to a general web page, necessitating further searching for specific details. However, Cora+ will possess the ability to comprehend the context and intricacies of each query, enabling it to deliver tailored and precise responses.
Once fully operational, Cora+ is expected to anticipate customer needs proactively, drawing on insights from past interactions and transactions, eliminating the need for customers to formulate questions explicitly.
Data indicates that five of the most common queries handled by Cora involve cancelling transactions, updating addresses, requesting statements, ordering new cards, and opening ISAs.
David Lindberg, CEO of Retail Banking at NatWest, emphasized the significance of AI in the bank’s operations since the launch of Cora in 2017, highlighting that nearly 11 million queries were addressed last year alone to assist clients in managing their finances. He stated, “With the introduction of Cora+, we are positioning ourselves as a pioneer among banks by leveraging generative AI to enhance personalized and responsive support. Cora+ is designed to anticipate customer needs, make suggestions, and engage in a more human-like manner in response to inquiries. This innovation will fundamentally change the interaction dynamics between our customers and their everyday banking experiences.”
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