NatWest and OpenAI have partnered to enhance the bank's digital assistants and customer support processes using artificial intelligence, marking a significant first collaboration with a UK-based bank.
NatWest has prioritized AI in its strategies to improve customer experience, reduce costs, and help combat financial fraud within the industry.
As part of the agreement, NatWest will gain access to all OpenAI products, early visibility into the AI group's product pipeline, and tailored consultancy and executive input.
Among the over 275 AI projects in development, NatWest aims to leverage OpenAI's technology to enhance its customer-facing chatbot Cora and the virtual assistant for staff, AskArchie. Currently, most customers prefer to report suspected fraud via phone, a trend NatWest hopes to change through the use of generative AI.
In the first half of 2024, more than £570 million was lost to payment fraud in the UK, with scammers employing increasingly sophisticated tactics, according to data from UK Finance. By optimizing the fraud reporting process with Cora, NatWest seeks to swiftly secure vulnerable accounts and allow call handlers to address other customer needs.
The bank also envisions that its AI-powered digital assistants can help customers gain a better understanding of their finances, potentially aiding in better financial planning.
"AI is already playing a vital role in our digital transformation, helping colleagues across the bank to serve customers in a more personalized and productive way," said NatWest Group Chief Information Officer Scott Marcar.
The GenAI functionality in Cora has reportedly led to a 150% increase in customer satisfaction and a reduction in instances where human advisers are needed to fulfill requests, according to the bank.
"With around 80% of our retail customers banking with us entirely digitally, continuously innovating to provide the best digital experience possible is imperative," stated NatWest's retail banking CEO Angela Byrne.
OpenAI, co-founded by Sam Altman and Elon Musk in 2015, was established with a mission to develop AI for the benefit of humanity rather than for corporate profit. The organization is now transitioning into a for-profit entity to secure the necessary capital for advancing its AI models.