Latest news with #AngelaByrne
Yahoo
23-03-2025
- Business
- Yahoo
NatWest forges alliance with OpenAI
NatWest Group has entered a partnership with OpenAI to incorporate generative artificial intelligence (GenAI) to enhance its customer service and productivity. This marks the first partnership of a UK-based bank with OpenAI. Under the collaboration, NatWest gains access to the latest GenAI developments, with data privacy protocols in place. Through this alliance, the bank plans to accelerate its adaptation to future prospects, building on its existing AI services, such as the virtual assistants Cora+ and AskArchie+. NatWest particularly seeks to improve its digital assistant services to help customers with tasks like identifying, reporting and resolving fraud, managing financial concerns, and setting future financial goals. Besides, it looks to utilise AI to assist staff with tasks such as fraud prevention and customer complaint management. OpenAI chief commercial officer Giancarlo Lionetti said: 'This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences. 'The first wave of activities will deliver tangible benefits to both NatWest's customers and employees, while our ongoing work together paves the way for future AI banking innovations.' NatWest is currently working on over 275 AI-related initiatives, with nearly 25 already in production, with GenAI functionality by Cora+ said to record 150% improvements in customer satisfaction. The bank has committed to ensuring that all AI projects adhere to its Artificial Intelligence & Data Ethics Code of Conduct, with an emphasis on responsible and ethical use of AI technologies. NatWest Group Retail Banking CEO 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.' "NatWest forges alliance with OpenAI" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
20-03-2025
- Business
- Reuters
NatWest seals milestone UK banking collaboration with OpenAI
Summary Companies Lender exploring more than 275 AI projects, boosted by OpenAI OpenAI tech likely to streamline fraud reporting processes LONDON, March 20 (Reuters) - NatWest (NWG.L), opens new tab and OpenAI have joined forces to enhance the lender's digital assistants and customer support processes using artificial intelligence, in the first collaboration of its kind with a UK-headquartered bank. The lender has put AI at the heart of key strategies to improve customer experience, cut costs and play its part to reduce the sums lost to financial fraud across the industry. Under terms of the agreement, NatWest will have access to all OpenAI products and secure early visibility and access to the AI group's product pipeline, as well as bespoke consultancy and executive input. In one of more than 275 AI projects the bank is exploring, NatWest wants to harness Open AI's technology to ramp up the capabilities of its customer-facing chatbot Cora and its virtual assistant for staff, AskArchie. At present, the majority of customers prefer to report suspected fraud by phone, a preference NatWest is hoping to reverse using generative AI. In the first half of 2024, just over 570 million pounds ($740 million) was stolen in payment fraud in Britain, with scammers deploying increasingly creative ways to trap victims, data from UK Finance shows. By streamlining the process of reporting suspected fraud using Cora, NatWest aims to secure vulnerable accounts faster and free up call handlers to deal with other customer needs. NatWest also believes its AI-powered digital assistants may help customers better understand their finances, which could help them plan better. "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," NatWest Group Chief Information Officer Scott Marcar said. The GenAI functionality offered by Cora has helped to drive a 150% improvement in customer satisfaction levels and reduce the number of times a human adviser is called on to complete the request, the bank 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," NatWest's retail banking CEO Angela Byrne said. OpenAI was co-founded by Sam Altman and Elon Musk in 2015 with a vision to develop AI for the good of humanity rather than corporate profit. The firm is now trying to transition into a for-profit entity, which it says is required to secure the capital needed for developing the best AI models. ($1 = 0.7698 pounds)
