NatWest Group has confirmed that it has become the first UK bank to partner with OpenAI to unearth new customer support possibilities.
In a bid to expand its goal of bank-wide simplification, NatWest will leverage OpenAI’s Generative AI (GenAI) capabilities to meet customer demands faster and more efficiently through new technology and insights.
NatWest has confirmed that it will also work alongside OpenAI to speed up productivity and efficiency across its framework in order to scale the UK bank’s infrastructure.
NatWest Group CEO of Retail Banking, Angela Byrne, stated: “Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable.
“GenAI is already transforming how we interact with our customers, both digitally and by better enabling colleagues. Our work with OpenAI will take this even further through redefined digital experiences and helping to offer even better protection from threats like fraud and financial crime.”
GenAI seeps through traditional finance
Establishing itself as a GenAI leader in November 2022 via the launch of ChatGTP – the fastest-growing app on record – OpenAI has become one of the most prominent AI companies in the world.
With an eyewatering $157bn valuation, OpenAI’s swift rise parallels the surge in GenAI interest and investment, using the technology to create sophisticated chatbots and language learning models, a tool banks have had in place for the past decade.
NatWest, now with OpenAI’s support, will be able to build upon the technology of its chatbot assistant tools Cora+ and AskArchie+ to expand its usage and meet more customer needs.
Giancarlo Lionetti, OpenAI Chief Commercial Officer, said: “This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences.
“The first wave of activities will deliver tangible benefits to both NatWest’s customers and employees, while our ongoing work together paves the way for future AI banking innovations.”
Customer usage of AI will also be a key facet of the partnership. NatWest revealed that its customers can leverage OpenAI’s GenAI tools to help them with more complex financial tasks, helping to provide solutions around reporting fraud and scams, as well as identification, which it currently uses to authenticate payments within the NatWest online baking app.
In addition, the UK bank believes there is opportunity to leverage digital assistants to help customers better understand their financial position, using AI and help them to plan and set goals for the future.
For NatWest colleagues, potential benefits could include developing more sophisticated tools to assist them with supporting customers, including fraud prevention and complaints handling across its retail, commercial and wealth businesses.
NatWest Group Chief Information Officer, Scott Marcar, concluded: “Our strategic focus on bank-wide simplification continues to make life easier for both our customers and colleagues. With the needs of customers evolving at an extraordinary pace, it’s our role to be a trusted partner and meet their expectations faster and more effectively than ever before.
“AI is already playing a vital role in our digital transformation; helping colleagues across the bank to serve customers in a more personalised and productive way. We now have the potential to accelerate this even further by accessing OpenAI’s newest technologies and expertise.
“As we adapt to advances in technology , we will continue to do so in the safest and most responsible way, prioritising our customers and colleagues every step of the way.”
