[LONDON and ARMONK, N.Y.] In a groundbreaking collaboration, NatWest and IBM have unveiled initiative to transform customer experiences through generative AI. NatWest's virtual assistant, Cora, will soon offer customers a broader array of information in natural and conversational interactions, marking a pioneering step in the UK's banking sector.
The initiative aligns with NatWest's comprehensive generative AI strategy, capitalizing on IBM's enterprise AI platform, watsonx, to introduce Cora+ – a digital concierge that elevates the chatbot's capabilities into a more interactive and engaging experience. This transformation aims to enhance customer well-being by providing personalized support.
Cora+ will revolutionize customer interactions by delivering tailored and conversational responses to complex queries. Whether customers seek product comparisons or information from NatWest Group websites, they can now engage in a more human-like interaction with Cora+. The virtual assistant can access data from multiple secure sources, granting access to a wealth of information, including products, services, bank-related details, and career opportunities. Customers can pose questions, receive natural-sounding responses, and access relevant links for immediate viewing or bookmarking. Moreover, customers still have the option to connect with branch representatives over the phone during business hours.
Wendy Redshaw, Chief Digital Information Officer of the NatWest Group's Retail Bank, emphasized the bank's commitment to building trust and meaningful relationships with customers. The goal is to make Cora more 'human,' ensuring a trusted, secure, and reliable digital companion for customers.
As the banking industry becomes increasingly digital, attracting top technology talent has become a top priority. NatWest's Digital X Strategy focuses on three key pillars: engineering, protecting, and operating, allowing the bank to collaborate with industry leaders like IBM on cutting-edge technologies.
To expedite innovation, the IBM Client Engineering team collaborated closely with NatWest's business and technology teams, enabling the rapid development and validation of a generative AI digital assistant.
John Duigenan, Distinguished Engineer and General Manager Global Financial Services Industry at IBM, highlighted the transformative potential of AI technologies for forward-thinking financial institutions. With the right governance and safeguards in place, AI can enhance customer loyalty and deliver a compelling value proposition.
Banking industry leaders worldwide recognize the value of generative AI and are selectively exploring its applications. According to an IBM Institute for Business Value study, banking and financial markets CEOs expect generative AI, deep learning, and machine learning to contribute to financial results in the coming years. Talent, security, and customer experience are the key areas of interest for financial services leaders. Furthermore, they believe that institutions with advanced generative AI usage will gain a competitive edge in the market.
