NatWest Group and AWS bolster partnership for AI-driven financial wellbeing

NatWest Group and AWS bolster partnership for AI-driven financial wellbeing

NatWest Group, a leading UK bank committed to aiding people, families, and businesses in their financial growth, has announced an enhanced partnership with Amazon Web Services (AWS), a global giant in cloud computing and AI solutions.

The collaboration seeks to accelerate the adoption of artificial intelligence (AI), specifically AWS’s generative AI, to assist NatWest in achieving its ambitious goal of supporting 10 million people in managing their financial wellbeing by the end of 2027.

NatWest Group positions itself as a relationship bank for the digital age, consistently focusing on supporting its customers at every life stage, ensuring sustainable growth, and driving value for shareholders. AWS, on the other hand, is renowned for its extensive range of cloud computing services, with special capabilities in data analytics, machine learning, and generative AI.

The initiative underscores the importance of using responsible and ethical AI to deliver personalised customer support in areas like home buying, savings, business growth, and financial education. NatWest plans to utilise engagement tools, such as the Digital Financial Health Check and the extended Know Your Credit Score service available to all UK residents. Moreover, data specialists from NatWest will collaborate with experts from the recently inaugurated $100m AWS Generative AI Innovation Center to co-develop AI products using Amazon Bedrock foundation models.

The enhanced collaboration has already led to AI models that allow NatWest to detect potential scamming of its customers. The integration of AWS’s premier data and AI capabilities, combined with NatWest’s vast experience in financial services, aims to provide tailored banking experiences and personalised communications to the bank’s clientele.

NatWest Group, Group Chief Information Officer Scott Marcar said, “This is an exciting chapter in our journey to deliver sustainable growth through deep, lasting relationships with each of the 19 million customers we serve. We’ve chosen to build on our existing strategic relationship with AWS and develop AI-powered financial products with a trusted collaborator who understands how we work with data at scale to keep our customers safe and secure.”

Vice President of Databases, Analytics, and Machine Learning at AWS, Swami Sivasubramanian commented, “This is the latest evolution of our long-standing collaboration with NatWest Group to make it easier and faster to generate data-driven insights and deploy tailored financial solutions at scale.”

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