NatWest and IBM collaborate on GenAI initiative to enhance customer experience

NatWest, a prominent UK-based bank, and IBM, the renowned technology giant, have joined forces to upgrade NatWest's virtual assistant, Cora.

NatWest, a prominent UK-based bank, and IBM, the renowned technology giant, have joined forces to upgrade NatWest’s virtual assistant, Cora.

This strategic partnership aims to use generative AI to expand the range of information and services accessible to customers through conversational interactions.

The primary objective of this collaboration is to provide customers with a safer, more intuitive, and highly accessible digital banking experience. NatWest is committed to embracing responsible and ethical AI as a part of its broader strategy, and this partnership with IBM and other experts is a crucial step toward helping customers achieve financial wellbeing through personalised support.

The two global firms are working together to develop a digital concierge called Cora+, which will leverage generative AI to enhance its capabilities, offering more interactive and conversational experiences for customers. This upgrade will enable Cora+ to access information from multiple secure sources that were previously beyond the reach of chat interactions.

As a result of this, customers will enjoy a more natural, conversational style of interaction, and they can receive links to requested information for immediate access or future reference. Additionally, the option to speak with branch representatives during business hours will still be available.

The move comes following a recent study by IBM’s Institute for Business Value, which revealed that banking and financial markets CEOs are selectively embracing generative AI.

Over 40% of these leaders anticipate the impact of generative AI, deep learning, and machine learning on their financial results in the next three years. Areas of interest include talent, security, and customer experience. Notably, 75% of financial services CEOs surveyed believe that institutions with advanced generative AI usage will gain a competitive advantage.

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