NatWest Group has made a minority investment in Serene, an artificial intelligence (AI) platform designed to identify signs of financial distress.
Serene’s platform utilises AI and behavioural science to provide real-time customer insights, enabling financial institutions to offer personalised and timely support.
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The move aligns with NatWest’s commitment to supporting customers facing financial difficulties and is driven by the bank’s Innovation and Partnerships group.
It is expected to enhance NatWest’s customer support capabilities and foster cross-industry collaboration.
This partnership is expected to refine NatWest’s existing models and improve financial support for customers. The investment also offers Serene the opportunity to expand rapidly with the aid of NatWest’s expertise.
NatWest says that its Accelerator programme, which Serene joined in 2023, has a track record of nurturing businesses that demonstrate higher growth and survival rates.
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By GlobalDataSerene was highlighted at NatWest’s Fintech Showcase event, where it presented its concept to a range of industry stakeholders.
NatWest Group Innovation and Partnerships director David Grunwald said: “As people continue to adapt to an ever changing world, it’s important for us to be a trusted partner who can anticipate, understand and respond to customers’ changing needs – technology is helping us to do this faster and more effectively.
“Platforms like Serene show the potential of tools like AI to improve outcomes for customers, in this case, by quickly identifying vulnerabilities to play a positive role across the financial system.”
NatWest’s investment in Serene complements its existing tools aimed at customer financial management and security, such as the mobile banking app, Security Profile, and Banking My Way.
It also aligns with the bank’s dedication to aiding customers through its Financial Health & Support team.
Serene founder and CEO Savannah Price said: “Financial vulnerability is something we will all face at some point – it’s a universal challenge that demands a smarter, more proactive approach.
“With NatWest’s support, we’re expanding our platform to help businesses deliver tailored solutions at scale.
“Their expertise in supporting scale-ups and understanding diverse customer needs will help to accelerate our growth and enable us to make an even greater impact for the organisations we work with.”
Last year in November, NatWest Group collaborated with NCR Atleos to enhance its self-service banking services.
