Natwest relies on OpenAI to improve customer experience

In the long list of traditional banking players that are adopting artificial intelligence today to optimize their banking process Natwest marks the market by opting for its rapprochement with the global industry reference: OpenAI. Its initiative is distinguished by taking the form of a partnership and marks an additional effort in the bank's strategy, but also and above all, a global consolidation of trend.

FACTS

• One of the largest commercial banks in the UK, Natwest, announced that it had entered into a strategic partnership with OpenAI.

• This reconciliation should focus on accelerating the bank's digital transformation, optimising its customer services and, more broadly, improving its operational efficiency.

• Natwest plans primarily to enhance the capabilities of its virtual assistants, Cora+ for its customers, and AskArchie+ for its employees. Both solutions will now integrate the advanced technology of OpenAI and will be able to manage more complex tasks such as identifying, reporting or resolving fraud or fraud cases.

• This strategic decision is driven in particular by the latest results regarding the integration of AI into the banking services. Natwest estimates that technology has already led to a 150% improvement in customer satisfaction. They are also more self-sustaining, with 80% of them operating fully online.

• Natwest specifically studies over 275 AI projects currently and works on the production of 25 new cases of use.

ISSUES

• A British premiere Natwest prides itself on being the first UK-based bank to have signed a strategic partnership with OpenAI to date.

• Moving to the top step : By integrating OpenAI's technologies into its own existing services, Natwest is now seeking to optimize its processes, including customer relationship management and security, with a module dedicated to combating fraud.

• Fighting a scourge : On this point, NatWest highlights the latest figures published by UK Finance on the development of fraud in the United Kingdom, which estimated losses at over £570 million in the first half of 2024.

PERSPECTIVE

• The first (European minimum) bank to have signed a partnership with OpenAI is the Spanish bank BBVA. Sound approximation with the global reference of Artificial Intelligence technologies concerned the deployment of nearly 3,000 company ChatGPT licenses to its employees. The aim was then to optimize their work and improve the processes of the bank.

• This initiative was followed by a wave of integration of OpenAI products by traditional banks and international financial actors. The latter have made extensive use of the services offered by OpenAI within their organization. This is particularly the case for Credit Mutuel Arkéa in France, of ING Belgium (with specific insurance services), from the BNPL giant Klarna and most recently Nubank.

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