NatWest Improve Customer Experience

NatWest and IBM collaboration

Today, NatWest and IBM unveiled improvements to Cora, the bank’s virtual assistant, which will leverage generative AI to give users conversational engagements and access to a greater variety of information. The bank will be among the first in the UK to implement generative AI with a virtual assistant, making its digital services safe, easy to use, and accessible.

As part of its broader goal, the bank is utilizing ethical and responsible AI, working with IBM and other specialists to provide individualized support to consumers in order to help them attain financial wellbeing. Teams are co-creating a digital concierge (Cora+) that advances the chatbot’s capabilities into a more engaging and conversational experience, which benefits clients, by utilizing IBM Watsonx, an enterprise-grade AI and data platform.

Conversational, individualized answers to challenging consumer questions

This cutting-edge feature was created to give users wishing to compare goods and services across the product suite or find information across the websites of the NatWest Group a more approachable and personalized experience.

Information regarding goods, services, bank details, and career prospects that was previously unavailable through chat alone will now be accessible to Cora+ through a variety of safe sources. Consumers can link to requested information and receive answers in a more conversational, natural way. They can examine the requested information right away or bookmark it for later. During business hours, customers will still be able to speak with branch representatives over the phone.

“NatWest are a relationship bank in a digital world, building trusted, long-term relationships with our customers through meaningful and personalised engagement,” stated Wendy Redshaw, Chief Digital Information Officer of the NatWest Group’s Retail Bank.

Expanding on Cora’s achievements in the previous five years, NatWest are collaborating with businesses such as IBM to use the most recent advancements in generative AI, which will contribute to Cora feeling even more ‘human’ and, above all, a dependable, safe, and trustworthy digital partner for our clients.”

In the age of digitalization, banks prioritize developing people, technology, and reliable partnerships

Attracting and keeping top technical talent has become a priority for the industry as banks transform into more and more digital organizations.  As part of NatWest’s Digital X Strategy, which is centred around three pillars: Engineer, defend, and operate, mindful innovation and safe exploration are crucial. In order to deliver what matters most to consumers, this gives the bank the chance to partner with specialized industry experts like IBM and work together on cutting edge, new technologies.

The goal was to securely and quickly produce a viable generative AI digital assistant. To that end, the IBM Client Engineering team collaborated with the NatWest business and technology teams to quickly co-create, test, and certify the results.

According to John Duigenan, Distinguished Engineer and General Manager, Global Financial Services Industry at IBM, “NatWest and other forward-thinking leaders of financial institutions around the world are exploring the potential of AI technologies as part of their competitive business strategy.” The implementation of suitable regulations and oversight mechanisms to guarantee AI’s transparency, reliability, and focus can empower banks to offer a compelling value proposition that fosters even greater customer loyalty. IBM are thrilled to have the chance to work with NatWest on their customer service goal.”

Global leaders in the banking sector recognize the potential of generative AI and are carefully examining its applications

CEOs in the banking and financial sectors are using generative AI sparingly and thoughtfully, per a new report by IBM’s Institute for Business Value, CEO Decision-Making in the Age of AI. More than 40% of the leaders in banking and financial markets surveyed by 360 said that they anticipate generative AI, deep learning, and machine learning will contribute to financial performance in the next three years, demonstrating their recognition of its potential.

Financial services professionals expressed interest in implementing generative AI most frequently in the areas of talent, security, and customer experience. A whopping three quarters (75%) of the CEOs surveyed in the financial services sector feel that the institutions with the most advanced usage of generative AI will have a competitive edge. These business chiefs named customer care as one of their top technology goals.

Regarding NatWest

The NatWest Group serves as a digital world’s relationship bank. In order for the 19 million individuals, families, and companies they support in communities across the UK and Ireland to recover and prosper, they champion potential by tearing down obstacles and fostering financial confidence. They will prosper iftheir clients do. 

Concerning IBM

IBM is one of the top suppliers of business AI, security, hybrid cloud architecture, and ESG analytics to the world’s financial services industry. Its broad range of services and solutions, in-depth knowledge of the sector, and strong network of fintech partners foster innovation, creativity, and teamwork among customers. IBM is a reliable partner for banks, insurers, capital markets, and payment providers. Through IBM Consulting, the company supports financial institutions at every step of their digital transformation journeys, and through IBM Technology, it provides the tested infrastructure, software, and services they require.