NatWest and OpenAI have entered into a partnership aimed at driving substantial transformations within NatWest through advanced AI technologies.

NatWest, known for its comprehensive banking services, seeks to enhance its operational efficiency and customer service through this strategic collaboration. OpenAI, acclaimed for its groundbreaking work in generative AI, brings a wealth of technological expertise and innovative solutions to the table.

The primary motivation behind this collaboration is to streamline and simplify banking processes at NatWest, enhancing customer service across all its divisions. By integrating OpenAI’s advanced AI tools, NatWest aims to meet customer needs more swiftly and effectively, ensuring a seamless banking experience.

NatWest has been at the forefront of incorporating AI in banking, with successful tools like Cora+ and AskArchie+ enhancing customer interactions. OpenAI excels in creating powerful AI solutions that can transform industries. This partnership will focus on further developing digital assistant services to support complex customer tasks such as fraud identification and financial management.

The collaboration also promises to bring new advancements in AI that could revolutionize how NatWest supports its retail, commercial, and wealth management customers. For instance, the partnership aims to refine tools for fraud prevention and improve complaint handling, significantly boosting productivity and customer satisfaction.

Scott Marcar, Chief Information Officer at NatWest Group, emphasized the bank’s commitment to simplification and innovation. “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,” he said.

Angela Byrne, CEO of Retail Banking at NatWest Group, also highlighted the digital transformation, “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,” she stated. The partnership with OpenAI is set to enhance these digital interactions further and provide superior protection against fraud and financial crime.

Giancarlo Lionetti, Chief Commercial Officer at OpenAI, commented on the collaboration, “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 approximately 275 AI projects under exploration and around 25 use cases already in production, the collaboration has significantly improved customer satisfaction and operational efficiency within NatWest, showcasing the powerful impact of GenAI in banking.