NatWest Group has unveiled a five-year partnership with Amazon Web Service (AWS) and Accenture to modernise the banks’ digital, data, analytics and AI capabilities.
As part of the modernisation, NatWest is using AI to consolidate various data streams into a simple platform which is designed to provide a more efficient and cohesive experience as well as improve operational performance and reduce costs.
The improved data capabilities will speed up growth by providing the bank with state-of-the-art data capabilities for relationship managers, which NatWest said will equip them with advanced tools that enable access to, and analysis of, deep insights for each of its 20 million customers.
NatWest added that data and advanced analytics will be integrated into every customer interaction to provide a personalised experience with recommendations, products and support that meet and anticipate their needs.
Additionally, NatWest said the collaboration will provide better quality data to support robust security and protection measures, which will allow more efficient complaints handling and improved fraud prevention.
The bank is also providing training for its employees, as well as driving a data-driven culture through access to new AI technologies that “empower them to more swiftly and easily serve customers.”
Additionally, improved data sourcing will enable more agile capital management as well as more efficient and faster financial, risk and regulatory reporting.
Paul Thwaite, chief executive of NatWest Group, said the collaboration will support the firm in becoming a simpler, data-driven bank.
“Our industry – and the expectations of our customers – are changing rapidly and we are building our capabilities in order to understand and serve their needs better and faster than ever before,” he added. “Equipped with high quality data, we can continue to quietly revolutionise how we serve our customers through the use of AI and other technologies in order to provide more personalised products and services as a trusted partner in the moments that matter most.”
The move follows NatWest’s announcement in March that it was partnering with OpenAI as part of its bank-wide simplification strategy.
This included the rollout of AI to improve productivity and efficiency across the organisation.
At the time, NatWest said the large-scale collaboration would help to accelerate how quickly and widely it can implement some of the “most powerful” developments in generative AI (genAI), providing direct access to OpenAI’s latest technology and insights.
In June, NatWest appointed Dr Maja Pantic as its first chief AI research officer.
The move formed part of the bank’s plans to advance its AI capabilities to meet customer needs, drive “cutting-edge research and innovation” across the organisation, and support its strategic focus on bank-wide simplification.
During the same month, NatWest announced plans to close 55 more branches across the UK this year, including 52 traditional High Street locations and three mobile banking vans, as the banking giant continues its shift towards digital services.
