First UK banking collaboration focuses on using AI to enhance customer service and combat financial fraud
In a groundbreaking partnership, NatWest has teamed up with OpenAI to integrate artificial intelligence into its banking services, marking the first such collaboration with a UK-based financial institution. The alliance aims to enhance the bank’s digital assistants and customer support functions, making the services more efficient and secure.
NatWest’s strategy involves leveraging AI to streamline its customer experience, reduce operational costs, and combat the rising threat of financial fraud. The bank will have full access to OpenAI’s suite of products and gain exclusive early insights into the company’s future AI innovations, along with tailored consultancy services.
As part of its AI-driven initiatives, NatWest plans to bolster its existing chatbot, Cora, and its virtual assistant for employees, AskArchie. The bank hopes to shift customer preference from phone-based fraud reporting to using AI-powered platforms. In the first half of 2024, the UK saw a significant rise in payment fraud, with over £570 million stolen through increasingly sophisticated methods, according to UK Finance data.
By integrating OpenAI’s technology, NatWest intends to expedite the fraud reporting process, safeguarding customer accounts faster and allowing call centre agents to focus on more complex issues. Additionally, the AI-enhanced tools are expected to help customers gain a better understanding of their financial health, leading to more informed decisions.
Scott Marcar, Chief Information Officer at NatWest Group, highlighted that AI is central to the bank’s digital transformation, helping to deliver a more personalised and effective service. The GenAI feature in Cora, for instance, has already contributed to a 150% increase in customer satisfaction and reduced reliance on human advisers for routine requests.
With around 80% of retail customers using NatWest’s digital services exclusively, Angela Byrne, CEO of Retail Banking, emphasised the importance of continuous innovation to ensure an optimal digital banking experience.
Founded in 2015 by Sam Altman and Elon Musk, OpenAI’s mission is to develop artificial intelligence for the benefit of humanity, rather than for corporate gain. However, the company is transitioning into a for-profit model to attract the necessary investment for further AI advancements.
