NatWest Group has today announced that it has become the first UK-headquartered bank to work with OpenAI as part of a collaboration that supports its strategic focus on bank-wide simplification, which includes deploying AI to meet customers’ needs faster and more effectively and to increase productivity and efficiency across the bank.
The wide-ranging, large scale collaboration has the potential to accelerate how quickly and widely NatWest can deploy some of the latest and most powerful developments in generative AI (GenAI), providing direct access to OpenAI’s latest technology and insights, while upholding industry-leading data privacy guardrails*.
Building on the success of its AI virtual assistant tools like Cora+ and AskArchie+**, this collaboration will see NatWest and OpenAI come together to help meet more consumer banking needs, as well as enabling the bank to adapt to future opportunities at speed and scale.
The development of the bank’s digital assistant services for customers will be a key area of focus, including new ways that customers can use AI to help them with more complex tasks, including the identification, reporting and resolution of fraud and scams. In addition, NatWest believes there is opportunity to leverage digital assistants to help customers better understand their financial position, using AI and 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.
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That’s disappointing. I’m getting tired of seeing Grand Theft Autocomplete shoehorned into everything.
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I’m tired of us becoming more dependent on America for everything - especially things like OpenAI when there are alternatives that didn’t just steal Reddit/StackExchange posts to reply to you (Le Chat being one).
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