NatWest has revealed a new focus on "bank-wide simplification" through a partnership with OpenAI, announced this Thursday.
The FTSE 100 lender is set to optimise customer experiences and enhance operational productivity by harnessing artificial intelligence, as reported by .
In this groundbreaking move, the bank will incorporate "some of the latest and most powerful developments in generative AI", gained via access to OpenAI's most advanced tech and insights.
Whilst rolling out these innovations, NatWest affirms it will adhere to its Artificial Intelligence & Data Ethics Code of Conduct to guarantee the use of AI will "educate, protect, and empower its customers and colleagues."
Last year, NatWest initiated its AI journey with the introduction of virtual assistants Cora+ and Ask Archie+.
Joining forces with Lloyds Banking Group, which also recently stepped up its AI game with plans for its 'Centre of Excellence for AI' in 2024, NatWest aims to redefine banking in the digital age.
OpenAI’s Commercial Lead Giancarlo Lionetti stated the partnership's preliminary phase would bring about "tangible benefits" for both NatWest's clientele and its workforce.
Lionetti further commented on the ambitious collaboration, noting that it accentuates NatWest's pledge to pioneering top-tier digital banking experiences.
Angela Byrne, Natwest's retail banking chief executive, stated: "Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable."
"GenAI is already transforming how we interact with our customers, both digitally and by better enabling colleagues."
"Our work with OpenAI will take this even further through redefined digital experiences and helping to offer even better protection from threats like fraud and financial crime."
Scott Marcar, Natwest's group chief information officer, commented: "Our strategic focus on bank-wide simplification continues to make life easier for both our customers and colleagues."
"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."
"AI is already playing a vital role in our digital transformation; helping colleagues across the bank to serve customers in a more personalised and productive way."