NatWest has announced a partnership with OpenAI to integrate generative artificial intelligence into the bank’s digital assistants.
As a pioneering move for a UK-based bank, NatWest will gain access to all OpenAI products, as well as early access to future tools, along with tailored consultancy and executive support. The bank is currently exploring over 275 AI-related projects and plans to enhance its customer chatbot, Cora, and its staff assistant, ASkArchie, with OpenAI’s technology.
Last summer, NatWest upgraded Cora with generative AI capabilities in collaboration with IBM, enabling the bot to provide more nuanced and proactive responses to customer inquiries. The bank aims to leverage AI to assist customers with more complex tasks, particularly in identifying, reporting, and resolving instances of fraud and scams.
Angela Byrne, CEO of retail banking at NatWest, commented, “Around 80% of our retail customers bank with us entirely digitally, which makes continuous innovation to enhance the digital experience essential. GenAI is already reshaping our interactions with customers and empowering our colleagues. Our collaboration with OpenAI will further redefine digital experiences and strengthen protection against threats like fraud and financial crime.”
Concerns have emerged regarding the slow adoption of AI among UK lenders. Next month, the FCA will hold a roundtable with banking industry leaders to discuss worries that stringent compliance requirements are hindering investment in technology.
In addition to working with AI giants, NatWest made a minority investment in Serene earlier this year, an early-stage AI platform focused on addressing financial vulnerability.