NatWest Funds AI Startup Focused on Financial Protection
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NatWest Group has taken a small stake in Serene, a new AI platform focused on helping with financial struggles. Using real-time customer insights powered by AI and behavioral science, the platform spots early signs of money problems and calculates risks to help banks give personal, quick support on a large scale.
Serene joined NatWest’s Accelerator in 2023 and was seen at the bank’s recent Fintech Showcase event, where it shared its idea with experts, investors, and business owners. NatWest’s investment is part of a bigger financing round led by Fuel Ventures.
NatWest Aims To Improve Its Models And Customer Support By Working With Serene
The bank noted that working together with Serene will help it improve its current models, learn more about its customers, give better support, and connect with others in the industry through Serene’s networks.
David Grunwald, director of innovation and partnerships at NatWest Group, said as people continue to adjust to a changing world, it’s important for the firm to be a trusted partner who can guess, understand, and meet customers’ changing needs. He added that with technology, the bank can do this faster and better. Platforms like Serene shows how tools like AI can make things better for customers by quickly finding problems and helping in the financial system.
Last month, NatWest Group rolled out a Fintech Growth Programme to help startups use the resources, skills, and networks of NatWest to grow and add to the bank’s new ideas.
NatWest plans to choose five fintechs that bring technology to solve specific issues in payments. The chosen fintechs should be early-stage UK startups wanting to grow their ideas, according to the bank. Over ten weeks of workshops, coaching, and mentoring, NatWest will work with these startups to build systems the bank can use.
The Program Improves Outcomes For Customers
According to Grunwald, the programme creates a way to make things better for customers. He added that working closely with UK entrepreneurs and fintechs makes the bank more ready for the future while helping the innovation economy grow.
To run the programme, NatWest is teaming up with Aspire, a company that builds lessons and gives support to help startups grow.
The Chief Payments Officer at NatWest, Mark Brant gave his opinion regarding the program. He stated that the programme will let fintechs work with NatWest’s Innovation team and senior leaders while learning from a special growth plan and building useful connections.
