UK-based financial services company NatWest Group has entered a strategic collaboration with OpenAI to integrate generative AI (GenAI) solutions for simplifying banking services.
NatWest becomes the first UK-based bank to partner with the AI leader.
The collaboration will leverage OpenAI’s technology while maintaining stringent data privacy standards, to enhance customer satisfaction and boost operational efficiency.
NatWest Group chief information officer Scott Marcar said: “Our strategic focus on bank-wide simplification continues to make life easier for both our customers and colleagues.
“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.
“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.”
The partnership is set to accelerate the deployment of GenAI across NatWest’s operations, building on the success of AI tools like Cora+ and AskArchie+.
It will focus on expanding digital assistant services to address complex customer needs, such as fraud detection and resolution.
In addition, AI will be utilised to help customers better understand their financial status and set future goals.
OpenAI’s chief commercial officer Giancarlo Lionetti 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.”
The collaboration will provide NatWest employees with advanced tools to enhance customer support, fraud prevention and compliance management within its retail, commercial, and wealth sectors.
The bank currently explores more than 275 AI projects, with 25 in active use, significantly improving operations and a 150% boost in customer satisfaction through Cora+.
NatWest said it is committed to responsible AI use, guided by its Artificial Intelligence & Data Ethics Code of Conduct.
NatWest retail banking CEO Angela Byrne said: “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.”
