NatWest has inked a deal with OpenAI to bring generative artificial intelligence to the UK lender's digital assistants.
In a first for a UK-headquartered bank NatWest will receive access to all of OpenAI's products and get early access to future tools, as well as bespoke consultancy and executive access.
The bank is already exploring more than 275 projects involving AI and is keen to use the ChatGPT maker to turbocharge its customer chatbot Cora and staff assistant ASkArchie.
NatWest originally gave Cora a GenAI boost last summer, working with IBM to ensure the bot can provide more nuanced, pro-active answers to customer queries.
The bank is particularly keen on using AI to help customers with more complex tasks, including the identification, reporting and resolution of fraud and scams.
Angela Byrne, CEO, retail banking, NatWest, says: “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.”
There has been some concern about lacklustre AI adoption among UK lenders. Next month, the FCA will host a roundtable with banking industry leaders over worries that onerous compliance requirements are stifling investment in the technology.
NatWest is not just working with the AI giants; earlier this year it made a minority investment in Serene, an early-stage AI platform dedicated to tackling financial vulnerability.