NatWest Group is making big moves with artificial intelligence across its business. The bank is focusing on improving customer service, streamlining document management in wealth management, and boosting software development. These changes aim to make the bank more efficient and enhance the experience for customers and employees alike.

Enhancing Customer Service with Generative AI

One of the key areas where NatWest has implemented AI is in its customer service. The bank has upgraded its digital assistant, Cora, with generative AI capabilities. This has increased the number of customer journeys supported by AI from four to 21, allowing for more complex and natural interactions.

Because of these advancements, customers now get quicker responses, reducing the need for human intervention. Early this year, 25,000 customers gained access to a new AI-powered assistant built on OpenAI models. They can ask questions about recent transactions and spending habits directly through the bank’s app in natural language. The next step is adding voice-to-voice features that will recognize tone and conversational cues, making interactions even more natural. Customers will also be able to report suspected fraud and handle related cases easily via the interface.

Internal Efficiency and Employee Tools

AI is also helping improve internal operations at NatWest. In the retail division, automated call summaries and complaint drafting tools have saved staff over 70,000 hours. These summaries help employees respond more quickly and accurately to customer complaints, freeing up time for more valuable tasks.

All of NatWest’s approximately 60,000 employees now have access to AI tools like Microsoft Copilot Chat and the bank’s own large language models. Many staff members have gone beyond basic training to learn how to make the most of these tools, improving overall productivity across departments.

Streamlining Wealth Management with AI

In its private banking and wealth management units, NatWest uses AI to better organize client documents and records. Relationship managers rely on AI-generated notes, meeting summaries, and correspondence to better understand their clients’ needs.

This system reduces the time spent reviewing and recording information, allowing advisers to spend 30% more time directly with clients. Instead of administrative tasks, they can focus on giving advice and building relationships, which enhances the overall service experience.

Building a Strong Data Foundation with Cloud Technology

To support these AI initiatives, NatWest has revamped its data infrastructure. The bank moved many workloads to Amazon Web Services (AWS), creating a unified view of customer data and simplifying older legacy systems. This cloud-based approach provides fast, scalable computing power and easy data access, which are crucial for AI tools like summarization and conversational systems.

This modernization helps ensure that AI features run smoothly and securely, giving the bank the foundation to keep expanding its digital capabilities. It also allows for more flexible data management, which benefits both internal operations and customer interactions.

Using AI to Accelerate Software Development

NatWest’s engineering team of around 12,000 people is also leveraging AI in software development. AI coding tools are now responsible for over a third of the bank’s code, helping with drafting, reviewing, and testing software. This speeds up development cycles and improves software quality.

By integrating AI into its development process, NatWest can bring new features to market faster and maintain high standards. The bank’s increased investment in AI-driven coding reflects its commitment to innovation and staying ahead in digital banking.

Overall, NatWest’s use of AI across multiple business functions shows how technology can reshape banking. From improving customer interactions to boosting internal efficiency and modernizing IT systems, AI is helping the bank become more agile and customer-focused.

Inspired by

• https://www.artificialintelligence-news.com/news/banking-ai-in-multiple-business-functions-at-natwest/

Sources

• natwestgroup.com
• ai-expo.net
• techexevent.com
• techforge.pub
• techforge.pub