NatWest is announcing the launch of Cora+, an upgrade to its digital assistant, Cora, developed in collaboration with IBM. NatWest will be one the first banks in the UK to deploy Generative AI through a digital assistant.
Cora supports customers in answering banking queries 24/7 through natural language processing and Machine Learning capabilities. In 2023, the digital assistant helped customers with 10.8 million queries in their day-to-day banking needs, an increase from just over 5 million in 2019.
Cora+ will build on current capabilities into an intelligent virtual agent that uses Generative AI to provide more intuitive, conversational customer experiences. This will initially be introduced as a 12-week pilot to address learnings and updates, to be fully rolled out at a later date.
Cora+ integrates information from multiple secure sources, consolidating diverse bank products and services. Collaborating with IBM’s Client Engineering team, NatWest has enhanced Cora into a more intelligent, interactive digital assistant. This evolution empowers Cora+ with advanced AI capabilities, enabling natural, conversational interactions and personalised responses. Benefits for NatWest customers include improved conversational AI for intuitive queries and direct access to relevant information. Cora+ anticipates customer needs based on past interactions, offering proactive assistance in financial management. It also expands its knowledge base through machine learning, handling a broader range of banking enquiries effectively. Key customer queries include transaction cancellation, address change, statement requests, card replacements, and ISA openings, based on NatWest data.
Wendy Redshaw, Chief Digital Information Officer of the NatWest Group’s Retail Bank, said: “As a bank we are committed to harnessing the latest technology to enhance customer experience, and the introduction of Cora+ is a major step forward in how customers interact with NatWest.”