NatWest Group has partnered with OpenAI to advance AI adoption in banking, making it the first UK-based bank to collaborate with the artificial intelligence (AI) company.
The partnership supports NatWest’s strategy to streamline operations and enhance customer service through AI-driven solutions.
It is expected to accelerate the deployment of generative AI (GenAI) technologies across the bank, granting NatWest direct access to OpenAI’s latest advancements. AI integration will focus on improving efficiency while maintaining strict data privacy safeguards, including encryption and anonymisation measures.
OpenAI chief commercial officer Giancarlo Lionetti said: “This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences. The first wave of activities will deliver tangible benefits to both NatWest’s customers and employees, while our ongoing work together paves the way for future AI banking innovations.”
NatWest plans to build on its existing AI capabilities, such as virtual assistants Cora+ and AskArchie+, to expand AI applications in consumer banking. The initiative will enable customers to leverage AI for tasks such as fraud detection, scam reporting, and financial planning.
The bank also sees potential in AI-powered digital assistants to provide customers with a clearer understanding of their financial position and support long-term financial goals.
Internally, AI is expected to enhance operations across NatWest’s retail, commercial, and wealth divisions. AI-driven tools are being explored to improve fraud prevention, customer support, and complaints handling.
NatWest said that with more than 275 AI projects under review and 25 already in use, it has seen significant improvements in service delivery. AI-driven enhancements in Cora+ have led to a 150% increase in customer satisfaction while reducing staff intervention, claimed the lender.
NatWest Group chief information officer Scott Marcar said: “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. We now have the potential to accelerate this even further by accessing OpenAI’s newest technologies and expertise.”
