Natwest partners with OpenAI as FTSE giant scales up tech
Natwest announced on Thursday it has entered a partnership with OpenAI to focus on “bank-wide simplification”.
The FTSE 100 lender said it would leverage AI to meet customers’ needs faster and more effectively, whilst increasing productivity and efficiency across operations.
The firm said it would deploy “some of the latest and most powerful developments in generative AI” through its access to OpenAI’s latest technology and insights.
Throughout the rollout, the lender said it would use its Artificial Intelligence & Data Ethics Code of Conduct to ensure the new projects were used to “educate, protect, and empower its customers and colleagues”.
Natwest began implementing AI across its business with the launch of virtual assistants Cora+ and Ask Archie+ last year.
The lender joins fellow ‘Big Four’ bank Lloyds in scaling up its artificial intelligence after the firm announced the launch of its ‘Centre of Excellence for AI’ in 2024.
OpenAI’s chief commercial officer Giancarlo Lionetti said the first wave of the development would deliver “tangible benefits” both to Natwest’s customers and employees.
“This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences,” he added.
Natwest’s retail banking chief executive Angela Byrne said: “Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable.
“GenAI is already transforming how we interact with our customers, both digitally and by better enabling colleagues.
“Our work with OpenAI will take this even further through redefined digital experiences and helping to offer even better protection from threats like fraud and financial crime.”
Scott Marcar, Natwest’s group chief information officer, 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.”