NatWest is adding generative AI capabilities to its chatbot, Cora

The UK bank NatWest has decided to upgrade its chatbot Cora, by adding generative AI capabilities to it. The idea is to give Cora a more human feel for customers who interact with it, make it a more intelligent digital assistant, and provide customers with a feel that they are talking to a more human-like interface.

Enhancing the customer experience

The new AI capability was added in collaboration with IBM, using the data and AI platform watsonx. The idea was to create a more evolved version of the chatbot and enable a more personalized approach.

Known as Cora, the upgraded chatbot will be able to access information from a variety of secure sources that were formerly not accessible through chat alone. This will include information on things like services, products, and also the bank itself, and career opportunities within its ecosystem.

Users will be able to freely ask questions and receive responses in a natural, conversational style, rather than just getting a wall of information that may or may not contain the answer to their questions. Cora will also be able to provide links to requested information, directing them to the right place. Users will simply be able to click those links and view the information immediately.

Alternatively, they will also be able to bookmark them for later, which will be useful in cases where they have to repeatedly access the information in question.

Building a trusted long-term relationship with customers

NatWest’s Chief Digital Information Officer, Wendy Redshaw, commented on the move, stating that the bank wants to focus on being a relationship bank in a digital world. It seeks to build trusted, long-term relationships with its customers, and it aims to achieve this by providing meaningful and personalized engagement.

Redshaw added that the bank is building on Cora’s success over the last five years, and it teamed up with firms like IBM to leverage the latest generative AI innovations that will make Cora feel more human. Most importantly, the bank wants Cora to feel like a trusted, safe, and reliable digital partner to the customers, which is the same feeling and reputation that the bank wants the rest of its services to be associated with.

IBM’s General Manager for the Global Financial Services Industry, John Duigenan, also commented on the partnership and the new move. The distinguished engineer said that NatWest and other forward-thinking leaders in the financial sector are exploring the potential of AI technologies to enhance their business strategies and make them more competitive.

“With the appropriate guardrails and governance in place ensuring that AI is open, trusted and targeted, banks can deliver an empowering value proposition enabling an even deeper level of customer loyalty. We’re excited about the opportunity to collaborate with NatWest on their vision for customer care,” he added.