- IBM's deep engineering and AI expertise to deliver extended
customer-focused functionality via NatWest's virtual assistant,
Cora
- Collaboration is part of NatWest's broader generative AI
approach, which leverages IBM's enterprise AI platform,
watsonx
LONDON and ARMONK, N.Y., Nov. 6, 2023
/CNW/ -- NatWest and IBM (NYSE: IBM) today announced
enhancements to the bank's virtual assistant, Cora, that will use
generative AI to provide customers with access to a wider range of
information through conversational interactions. The bank will be
among the first in the UK to deploy generative AI with a virtual
assistant enabling a safe, intuitive, and
accessible experience in its digital services.
Harnessing the power of responsible and ethical AI forms part of
the bank's wider strategy, collaborating with IBM and other experts
to help customers achieve financial wellbeing through personalised
support. By leveraging IBM's enterprise grade AI and data platform,
watsonx, teams are co-creating a digital concierge (Cora+)
that evolves the chatbot's capability into a more interactive
and conversational experience, where this benefits
customers.
Personalised, conversational responses to complex customer
queries
This innovative capability has been designed to provide a more
accessible and human interaction for customers looking to compare
products and services across the product suite, or who are looking
for information across the NatWest Group websites.
Cora+ will be able to access information from multiple secure
sources that were previously inaccessible through chat alone, such
as products, services, information about the bank and career
opportunities. Customers can ask questions and receive responses in
a more natural, conversational style and are provided with links to
requested information, which they can either view immediately or
bookmark for later. Customers will continue to have the option to
speak on the phone with branch representatives during business
hours.
Wendy Redshaw, Chief Digital
Information Officer of the NatWest Group's Retail Bank
said: "We are a relationship bank in a digital world,
building trusted, long-term relationships with our customers
through meaningful and personalised engagement.
Building on Cora's success over the last five years, we're
working with companies like IBM to leverage the latest generative
AI innovations that will help make Cora feel even more 'human' and,
most importantly, a trusted, safe and reliable digital partner for
our customers."
In a digital world, banks focus on fostering talent,
technology and trusted collaborations
As banks increasingly become digital enterprises, attracting and
retaining top technology talent has become an industry
priority. The importance of mindful innovation and safe
exploration is key, and aligned to NatWest's Digital X Strategy,
which focusses on three pillars: engineer, protect and operate.
This provides the bank with opportunities to collaborate with
specialist industry leaders, like IBM, and work together on cutting
edge, emerging technologies to deliver what matters most for
customers.
To accelerate the pace of innovation and delivery, the IBM
Client Engineering team worked alongside the NatWest business and
technology teams to rapidly co-create, test, and validate the
outcomes with the aim of safely and swiftly delivering a viable
generative AI digital assistant.
"NatWest and other forward-thinking leaders of financial
institutions around the world are exploring the potential of AI
technologies as part of their competitive business strategy,"
said John Duigenan, Distinguished Engineer and General Manager
Global Financial Services Industry at IBM. "With the
appropriate guardrails and governance in place ensuring that AI is
open, trusted and targeted, banks can deliver an empowering value
proposition enabling an even deeper level of customer loyalty.
We're excited about the opportunity to collaborate with NatWest on
their vision for customer care."
Banking industry leaders globally see value in generative AI
and are selectively exploring how it can be used
According to a recent study by IBM's Institute for Business
Value, CEO Decision-Making in the Age of AI, banking and financial
markets CEOs are being selective and deliberate in their use of
generative AI. They recognise its potential, with over 40% of the
360 banking and financial markets leaders responding that they
expect generative AI, deep learning, and machine learning to help
deliver financial results over the next three years. Talent,
security and customer experience were cited the most frequently
identified areas in which financial services leaders indicated
interest in applying generative AI. Customer care was cited by 54%
of these industry chiefs as among their highest technology
priorities and a full three quarters (75%) of financial services
CEOs surveyed believe that the competitive advantage will go to the
institutions that have the most advanced use of generative AI.
About NatWest
NatWest Group is a relationship bank for
a digital world. We champion potential; breaking down barriers and
building financial confidence so the 19 million people, families
and businesses we serve in communities throughout the UK and
Ireland can rebuild and thrive. If
our customers succeed, so will we.
About IBM
IBM is a leading provider of enterprise AI, hybrid cloud
architecture, security and ESG insights to the global financial
services sector. Its deep industry expertise, extensive portfolio
of services and solutions, and its robust ecosystem of fintech
partners, empower collaboration, innovation, and creation with
clients. As a trusted partner to banks, insurers, capital markets
and payments providers, IBM guides financial institutions on all
stages of their digital transformation journeys through IBM
Consulting and delivers the proven infrastructure, software and
services they need through IBM Technology. For more information,
visit www.ibm.com/industries/financial-services.
Media Contacts
NatWest
Niall
Caldwell
Niall.Caldwell@ulsterbank.com
IBM
Mary Ellen
Higgins
maryellen.higgins@ibm.com
781.789.1911
Gregor Hastings
gregor.hastings@ibm.com
44-7565826173
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SOURCE IBM