NatWest partners with IBM

By introducing generative AI, NatWest and IBM aim to allow the bank’s virtual assistant, Cora, to provide customers with access to a wider range of information through conversational interactions. NatWest is currently one of the first banks in the UK to deploy generative AI with a virtual assistant, aiming to enable a safe and accessible experience in its digital services.

Leveraging the capabilities of ethical AI is part of the bank’s wider strategy and, by collaborating with IBM and other industry participants, NatWest intends to help customers achieve financial welfare through tailored support. Teams are also able to co-create a digital concierge, Cora+, by using IBM’s AI and data platform, watsonx, evolving the chatbot’s abilities for a more interactive and conversational experience. 

The new capability was developed to offer a more accessible and human interaction for customers wanting to compare products and services across the suite, or for those who are looking for information across the NatWest Group websites. With the integration, Cora+ can access information from multiple sources that were previously inaccessible through chat, including products, services, details about the bank, and career opportunities. Users are now able to ask questions and receive responses in a more natural, conversational style while being provided with links to request information, which they can either view immediately or bookmark for later. The option to speak on the phone with a branch representative during business hours will still be available for NatWest customers.

According to officials, to build on Cora’s previous capabilities, the bank partners with companies like IBM to leverage the latest generative AI innovations that will help make the solution more human, as well as a trusted, safe, and reliable service for customers. Currently, NatWest Digital X Strategy focuses on three pillars, including engineering, protecting, and operating. To accelerate the delivery, the IBM Client Engineering team worked with NatWest’s business and technology teams to co-create, test, and validate the outcomes, aiming to safely provide a viable generative AI digital assistant. IBM’s representatives stated that with the proper guardrails and governance for AI, banks can deliver a value proposition allowing a deeper level of customer loyalty. 

At the beginning of October 2023, NatWest enabled Click to Pay for all customers with Mastercard a debit card, aiming to improve the online shopping experience for customers in the UK. At the time of the announcement, customers with a NatWest, Royal Bank of Scotland, or Ulster Bank Mastercard were registered for the service.

During the same period, NatWest launched Enriched Transactions, a transaction categorisation service, with it being available to businesses such as Account Information Service Providers (AIPs) and lending providers to integrate with their apps and digital platforms. With the service, businesses can offer customers tailored insights, including tips on how to manage their budget or reduce their carbon footprint, supporting them in gaining more control over their finances.

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