NatWest Group has entered a partnership with OpenAI as part of a collaboration to support its AI deployment efforts across the bank.

This is the first collaboration of the AI giant with a UK bank. NatWest has been prolific in its AI adoption, which has taken a central role in its customer experience strategy as well as its efforts to cut costs and eliminate fraud.

The agreement will see NatWest gain access to all of OpenAI’s products, as well as an early view of the company’s upcoming products. Further, the banking group will gain consultancy and executive input for its AI implementation.

“Our strategic focus on bank-wide simplification continues to make life easier for both our customers and colleagues,” NatWest group CIO, Scott Marcar, said.

“With the needs of customers evolving at an extraordinary pace, it’s our role to be a trusted partner and meet their expectations faster and more effectively than ever before. AI is already playing a vital role in our digital transformation; helping colleagues across the bank to serve customers in a more personalised and productive way.

“We now have the potential to accelerate this even further by accessing OpenAI’s newest technologies and expertise. As we adapt to advances in technology, we will continue to do so in the safest and most responsible way, prioritising our customers and colleagues every step of the way.”

With over 275 AI projects being explored and around 25 use cases in production, NatWest has already seen substantial improvements in how it operates and serves customers. The GenAI functionality offered by Cora+, NatWest’s digital assistant, has shown a 150% improvement in customer satisfaction, while reducing the number of times a colleague needs to intervene.

The development of the bank’s digital assistant services for customers will be a key area of focus, including new ways that customers can use AI to help them with more complex tasks, including the identification, reporting and resolution of fraud and scams.

In addition, NatWest believes there is opportunity to leverage digital assistants to help customers better understand their financial position, using AI and help them to plan and set goals for the future.

“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,” CEO of Retail Banking at NatWest Group, Angela Byrne, said.

Recommended reading

• Where Do Finance Leaders Think GenAI Will Have the Most Impact?
• NatWest Announces First Ever Fintech Growth Programme
• Is Financial Services Suffering a Data Crisis?

“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.”

Giancarlo Lionetti, OpenAI’s chief commercial officer 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.”