NatWest Partners With OpenAI To Improve Banking
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NatWest Group has announced that it is the first UK-based bank to work with OpenAI. The company said this partnership will help improve its services by using artificial intelligence (AI) to meet customer needs faster. It also wants to simplify banking and help workers do their jobs better.
The firm said this collaboration will help it use the latest AI tools more quickly. It will also ensure that customer information stays safe while bringing in new AI developments. NatWest believes this will help the bank provide better services while keeping high privacy standards.
NatWest Group And OpenAI Aim To Enhance Banking Services Further
NatWest Group said it has already used AI in tools like Cora+ and AskArchie+. This new partnership will allow NatWest and OpenAI to improve banking services further. The goal is to help customers with different tasks and prepare the bank for future opportunities.
One key focus will be to improve digital assistant services. The company said AI will help customers handle more complex issues, such as reporting fraud and solving scam-related problems. AI can also help customers understand their financial situation and set financial goals more easily.
NatWest believes AI will also support its workers by giving them better tools. The firm said AI could help employees handle fraud cases and complaints more effectively. This will benefit customers across NatWest’s Retail, Commercial, and Wealth businesses.
Scott Marcar, the Chief Information Officer of NatWest Group, said the bank is working to meet customers’ expectations while they bank. He explained that customers’ needs are changing quickly, and the bank must keep up by providing fast and reliable services.
Angela Byrne, the head of Retail Banking at NatWest Group, said most retail customers now use digital banking. She explained that the bank must keep improving its digital services to give customers the best experience. She added that AI is already helping both customers and workers interact better.
The Latest Alliance Aims To Expand The Use Of AI In Banking
Giancarlo Lionetti, OpenAI’s Chief Commercial Officer, said this partnership shows NatWest’s dedication to improving digital banking. He noted that the first set of AI tools will bring real benefits to both customers and employees. The latest alliance aims to help shape the future of AI in banking.
The company said it is already working on over 275 AI projects, with about 25 in use. The firm noted that the AI-powered Cora+ has improved customer satisfaction by 150%. It also reduced the number of times workers need to step in to solve problems.
NatWest believes this partnership with OpenAI will continue to improve banking services. The firm said it remains focused on using AI to meet customer needs while keeping its services safe and efficient.
