NatWest Group has entered a partnership with OpenAI to incorporate generative artificial intelligence (GenAI) to enhance its customer service and productivity.
This marks the first partnership of a UK-based bank with OpenAI.
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Under the collaboration, NatWest gains access to the latest GenAI developments, with data privacy protocols in place.
Through this alliance, the bank plans to accelerate its adaptation to future prospects, building on its existing AI services, such as the virtual assistants Cora+ and AskArchie+.
NatWest particularly seeks to improve its digital assistant services to help customers with tasks like identifying, reporting and resolving fraud, managing financial concerns, and setting future financial goals.
Besides, it looks to utilise AI to assist staff with tasks such as fraud prevention and customer complaint management.
OpenAI chief commercial officer Giancarlo Lionetti 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.”
NatWest is currently working on over 275 AI-related initiatives, with nearly 25 already in production, with GenAI functionality by Cora+ said to record 150% improvements in customer satisfaction.
The bank has committed to ensuring that all AI projects adhere to its Artificial Intelligence & Data Ethics Code of Conduct, with an emphasis on responsible and ethical use of AI technologies.
NatWest Group Retail Banking CEO Angela Byrne said: “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.”
