OpenAI has partnered with UK-based lender NatWest to enhance digital assistants and customer support processes, marking its first collaboration with a UK-headquartered bank.
Under the agreement, NatWest will gain access to all OpenAI products, early visibility into its product pipeline, and specialized consultancy.
As part of its AI-driven strategy, NatWest aims to improve customer experience, reduce costs, and combat financial fraud. One key initiative involves integrating OpenAI’s technology into its chatbot Cora and virtual assistant AskArchie to enhance customer interactions and streamline fraud reporting.
Currently, most customers report fraud via phone, but the bank hopes to shift this process to AI-powered tools, securing vulnerable accounts more quickly.
In the first half of 2024, payment fraud in Britain led to losses exceeding £570 million ($740 million), according to UK Finance. By leveraging AI, NatWest aims to reduce fraud response times while allowing call handlers to focus on other customer needs.
AI is also expected to help customers better understand their finances and plan more effectively. NatWest reports that Cora’s generative AI capabilities have improved customer satisfaction by 150% and reduced reliance on human advisors.
“AI is already playing a vital role in our digital transformation, helping colleagues serve customers in a more personalized and productive way,” said Scott Marcar, NatWest Group Chief Information Officer.
With approximately 80% of its retail customers banking digitally, NatWest sees continued AI innovation as essential. “Delivering the best digital experience possible is a non-negotiable,” said Angela Byrne, CEO of NatWest’s retail banking division.
Founded in 2015 by Sam Altman and Elon Musk, OpenAI initially focused on developing AI for the benefit of humanity but has since transitioned into a for-profit model to secure funding for advanced AI development.
