NatWest & OpenAI partner to boost AI-powered banking services

By Gloria Methri

NatWest Group has partnered with OpenAI to simplify its banking operations and improve customer service using AI. This collaboration will help NatWest deploy advanced AI technologies more quickly and effectively, making banking more efficient and responsive to customer needs.

By working directly with OpenAI, NatWest gains access to the latest developments in generative AI (GenAI) while maintaining strong data privacy protections. The partnership builds on NatWest’s existing AI-powered tools, such as virtual assistants Cora+ and AskArchie+, and aims to expand AI-driven solutions across the bank.

With this initiative, NatWest is positioning itself to serve customers better today while staying prepared for future advancements in banking technology.

A key focus of this collaboration will be enhancing NatWest’s digital assistant services, allowing customers to use AI for more complex tasks. This includes more efficiently identifying, reporting, and resolving fraud and scams. NatWest also sees an opportunity to leverage AI-powered assistants to help customers gain a clearer understanding of their financial situation, set goals, and plan for the future.

For NatWest employees, AI could improve tools that support customer interactions, making fraud prevention, complaint resolution, and customer service across Retail, Commercial, and Wealth businesses more effective. This initiative aims to create a smoother, more secure banking experience for both customers and staff.

NatWest Group Chief Information Officer Scott Marcar said, “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 most safely and responsibly, prioritising our customers and colleagues every step of the way.”

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

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.”

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+ has shown a 150% improvement in customer satisfaction while reducing the number of times a colleague needs to intervene.