NatWest partners with OpenAI to enhance customer support and combat fraud with AI
NatWest and OpenAI have announced a partnership that’ll help the bank enhance its digital assistants and improve customer support through artificial intelligence.
The deal, which the companies say is the first of its kind with a UK-based bank, is part of NatWest’s strategy to improve customer experience, cut costs and tackle financial fraud.
Fraudsters stole more than £570 million ($740 million) in the first half of 2024, according to UK Finance, so banks are doing all they can to encourage customers to report scams and secure their accounts.
As part of the agreement, NatWest will get access to all OpenAI products, early sight of its product pipeline and bespoke consultancy. The bank is currently exploring more than 275 AI projects.
Among those is the potential to boost the bank’s customer-facing chatbot Cora and the staff-facing virtual assistant AskArchie. The aim is to encourage customers to report fraud via the app rather than over the phone.
The implementation of generative AI could streamline the reporting of fraud, secure accounts that are vulnerable more quickly and free up call handlers to focus on other needs customers may have.
NatWest has already seen a 150% increase in customer satisfaction from its AI capabilities and a reduced need for human advisers.
“AI is already playing a vital role in our digital transformation,” NatWest Group CIO Scott Marcar said.
“Continuous innovation is vital as we serve our predominantly digital customers,” retail banking CEO Angela Byrne emphasized.
OpenAI was founded in 2015 by Sam Altman and Elon Musk as a non-profit organisation. It has since transitioned to a for-profit model in order to secure the capital necessary to develop its advanced technologies.
