NatWest has signed a collaboration deal with OpenAI to integrate generative artificial intelligence (AI) into its digital assistants, marking a first for a UK-headquartered bank. The partnership grants NatWest access to all of OpenAI’s products, early access to future tools, bespoke consultancy, and executive support.
The bank is currently exploring over 275 AI projects and plans to use OpenAI’s technology to enhance its customer-facing chatbot, Cora, and its internal staff assistant, AskArchie. Last summer, NatWest upgraded Cora with generative AI capabilities in collaboration with IBM, enabling the bot to provide more nuanced and proactive responses to customer queries.
NatWest is particularly focused on leveraging AI to assist customers with complex tasks, such as fraud detection, reporting, and resolution.
Angela Byrne, CEO of Retail Banking at NatWest, 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.”
The partnership comes amid concerns about slow AI adoption among UK lenders. Next month, the Financial Conduct Authority (FCA) will host a roundtable with banking leaders to address challenges, including compliance requirements, that may be stifling AI investment.
In addition to its collaboration with OpenAI, NatWest has made a minority investment in Serene, an early-stage AI platform focused on tackling financial vulnerability.