NatWest banks on OpenAI to accelerate transformation & “simplification”

NatWest Group has become the first UK-headquartered bank to work with OpenAI in a collaboration to support its strategic focus on bank-wide simplification.

This includes deploying artificial intelligence (AI) to meet customers’ needs more effectively and increase productivity and efficiency across the bank, according to the announcement.

The “wide-ranging” collaboration has the potential to accelerate how quickly and widely NatWest can deploy developments in generative AI, providing direct access to OpenAI’s latest technology and insights while upholding industry-leading data privacy guardrails, the company stated.

NatWest targets AI-driven “bank-wide simplification”

NatWest seeks to build on the success of its existing AI virtual assistant tools such as Cora+ and AskArchie+. In partnership with OpenAI, NatWest aims to meet more consumer banking needs while enhancing its ability to adapt to future opportunities at speed and scale.

“Our strategic focus on bank-wide simplification continues to make life easier for both our customers and colleagues,” said Scott Marcar, group chief information officer at NatWest Group. “With the needs of customers evolving at an extraordinary pace, it’s our role to be a trusted partner and meet their expectations faster and more effectively than ever before.”

A key area of focus will be the development of NatWesst’s digital assistant services for customers, including new ways that customers can use AI to help them with more complex tasks such as the identification, reporting and resolution of fraud and scams.

NatWest also believes there is opportunity to leverage digital assistants to help customers better understand their financial position, using AI to help them to plan and set goals for the future. For colleagues, potential benefits could include developing even more sophisticated tools to assist them with supporting customers including fraud prevention and complaints handling across its retail, commercial and wealth businesses.  

“AI is already playing a vital role in our digital transformation; helping colleagues across the bank to serve customers in a more personalized and productive way,” Marcar added. “We now have the potential to accelerate this even further by accessing OpenAI’s newest technologies and expertise.” 

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NatWest prioritizes responsible and ethical AI

Responsible and ethical AI use is a core element of NatWest’s technology strategy, the firm stated. As AI projects are developed across the bank, NatWest will continue to prioritize keeping customers and colleagues safe and will be governed by principles in its Artificial Intelligence & Data Ethics Code of Conduct to ensure that AI is used to educate, protect and empower its customers and colleagues, it claimed.

The collaboration between NatWest and OpenAI underscores a commitment to deliver industry-leading digital banking experiences, said Giancarlo Lionetti, chief commercial officer at OpenAI. “The first wave of activities will deliver tangible benefits to both NatWest’s customers and employees, while our ongoing work together paves the way for future AI banking innovations.”

Earlier this week, Metro Bank announced it is deploying agentic AI to boost technology across corporate and commercial business operations.