NatWest Partners With IBM To Bring AI To Its Cora Chatbot
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NatWest has announced partnering with IBM to improve offerings on the bank’s virtual assistant tool, Cora. This chatbot will now use generative AI technology to give customers access to more information.
NatWest will become the first bank in the UK to use generative AI technology for a virtual assistant that delivers safe, accessible, and intuitive digital experiences.
NatWest Collaborates With IBM
Natwest will use the enterprise-grade AI capability of IBM to create an improved chatbot version, Cora+. This chatbot will be more interactive and deliver conversational experiences to the benefit of customers.
The innovative AI tool also boosts accessibility and human interactions for customers comparing products and services. It also comes in handy to those seeking information across the NatWest Group websites.
This improved chatbot also accesses information across multiple sources. It can access products and services that were previously not accessible, including career opportunities. Customers also get to make queries and obtain timely responses from the chatbot. They obtain links to the requested information.
The Chief Digital Information Officer at NatWest, Wendy Redshaw, commented on this development, saying the bank wanted to boost long-term customer relationships. It planned to achieve this goal using meaningful and personalized engagements.
“Building on Cora’s success over the last five years, we’re working with companies like IBM to leverage the latest generative AU 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.
Exploring Digital Offerings
The partnership with IBM aligns with NatWest’s Digital X Strategy. This strategy focuses on three areas: engineer, protect, and operate. It presents more opportunities for the bank to work with industry leaders on cutting-edge and emerging technologies to improve customer experiences.
IBM also benefits greatly from this partnership. A study by the IBM Institute for Business Value on AI said CEOs were becoming selective and deliberate in using generative AI. Business leaders recognized the value of AI, with more than 40% of the leaders across banking and financial markets saying they expect these innovative technologies to deliver positive financial results in the next three years.
Generative AI could be used across multiple areas, such as customer experiences, talent, and security. 75% of the CEOs in the study said AI would deliver a competitive advantage to institutions with the most advanced use for generative AI.
