NatWest has formed a groundbreaking collaboration with OpenAI to boost its digital assistants and customer support, making it the first UK bank to engage in such a partnership. This initiative is central to NatWest’s strategy to enhance customer experience, reduce costs, and combat financial fraud. The collaboration grants NatWest access to OpenAI’s products, early insights into its product pipeline, and bespoke consultancy.
One key project involves leveraging OpenAI’s technology to improve the bank’s customer chatbot, Cora, and the staff assistant, AskArchie. With the UK losing £570 million to payment fraud in early 2024, NatWest aims to reverse customers’ preference for phone fraud reporting by using generative AI to secure accounts more swiftly and efficiently. This AI integration has already improved customer satisfaction by 150% and reduced reliance on human advisors. NatWest’s retail banking CEO emphasizes the importance of constantly innovating digitally, given the high digital engagement of their customers