NatWest has partnered with IBM to enhance the bank’s chat bot assistant, “Cora+,” becoming the first bank to deploy generative AI technology.
The technology will enhance customer experience and accessibility by providing customers with a human-like, personalised chat service.
Wendy Redshaw, chief digital information officer at NatWest Group’s Retail Bank, said the collaboration will help NatWest build trusted, long-term relationships in a digital world.
“Building on Cora’s success over the last five years, we’re working with companies like IBM to leverage the latest generative AI innovations that will help make Cora feel even more ‘human’ and, most importantly, a trusted, safe and reliable digital partner for our customers,” Redshaw said.
As banks increasingly act as digital enterprises, they must prioritise advancing AI technologies, the press release added.
The collaboration is part of NatWest’s broader generative AI approach, which utilises IBM’s enterprise AI platform, watsonx, to accelerate NatWest’s “Digital X Strategy.”
The approach will harness the power of responsible and ethical AI to help its customers achieve financial wellbeing through personalised support.
John Duigenan, Distinguished Engineer and General Manager Global Financial Services Industry at IBM, said banks can leverage AI to enable a deeper level of customer loyalty.
Research by IBM’s Institute for Business Value said banking and financial markets CEOs are being selective in their use of generative AI, with only 40% of top leaders believing it will help deliver financial results in the next three years.