NatWest Group has announced that it has become the first UK-headquartered bank to work with OpenAI as part of a collaboration that supports its strategic focus on bank-wide simplification, which includes deploying AI to meet customers’ needs faster and more effectively and to increase productivity and efficiency across the bank.
The wide-ranging, large-scale collaboration has the potential to accelerate how quickly and widely NatWest can deploy some of the latest and most powerful developments in Generative AI (GenAI), providing direct access to OpenAI’s latest technology and insights, while upholding industry-leading data privacy guardrails.
Building on the success of its AI virtual assistant tools like Cora+ and AskArchie+, this collaboration will see NatWest and OpenAI come together to help meet more consumer banking needs, as well as enabling the bank to adapt to future opportunities at speed and scale.
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. As we adapt to advances in technology, we will continue to do so in the safest and most responsible way, prioritising our customers and colleagues every step of the way.”
