NatWest and OpenAI: Transforming UK Banking with AI – News and Statistics – IndexBox, Inc.
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NatWest has partnered with OpenAI to revolutionize its digital customer support services using artificial intelligence. According to Reuters, this collaboration marks the first of its kind with a UK-based bank, positioning AI as a cornerstone in NatWest’s strategy to enhance customer experience and combat financial fraud.
With access to OpenAI’s full suite of products and early insights into its product pipeline, NatWest aims to significantly upgrade its chatbot Cora and staff assistant AskArchie. The bank’s initiative comes in response to the alarming £570 million ($740 million) lost to payment fraud in the UK during the first half of 2024, as per data from UK Finance. By employing AI, NatWest hopes to streamline fraud reporting processes, thereby securing accounts more swiftly and allowing call handlers to focus on other customer service areas.
The introduction of GenAI functionality in Cora has already led to a 150% improvement in customer satisfaction, reducing the need for human intervention. NatWest’s commitment to digital innovation is underscored by the fact that 80% of its retail customers engage with the bank entirely online, as noted by Angela Byrne, CEO of NatWest’s retail banking sector.
OpenAI, co-founded by Sam Altman and Elon Musk, is transitioning towards a for-profit model to fund its AI developments, ensuring that its technology continues to advance for both corporate and humanitarian benefits.
Source: IndexBox Market Intelligence Platform
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
NatWest has partnered with OpenAI to revolutionize its digital customer support services using artificial intelligence. According to Reuters, this collaboration marks the first of its kind with a UK-based bank, positioning AI as a cornerstone in NatWest’s strategy to enhance customer experience and combat financial fraud.
With access to OpenAI’s full suite of products and early insights into its product pipeline, NatWest aims to significantly upgrade its chatbot Cora and staff assistant AskArchie. The bank’s initiative comes in response to the alarming £570 million ($740 million) lost to payment fraud in the UK during the first half of 2024, as per data from UK Finance. By employing AI, NatWest hopes to streamline fraud reporting processes, thereby securing accounts more swiftly and allowing call handlers to focus on other customer service areas.
The introduction of GenAI functionality in Cora has already led to a 150% improvement in customer satisfaction, reducing the need for human intervention. NatWest’s commitment to digital innovation is underscored by the fact that 80% of its retail customers engage with the bank entirely online, as noted by Angela Byrne, CEO of NatWest’s retail banking sector.
OpenAI, co-founded by Sam Altman and Elon Musk, is transitioning towards a for-profit model to fund its AI developments, ensuring that its technology continues to advance for both corporate and humanitarian benefits.
Source: IndexBox Market Intelligence Platform
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
North America
IndexBox, Inc.
440 N Barranca Ave #6008
Covina 91723 CA, US
Europe
IndexBox S.a r.l.
29, Boulevard Grande-Duchesse Charlotte
L-1331 Luxembourg LU
MENA Partner
Smart mission_ المهمة الذكية
Yanbouh, Qurtubah
Riyadh 13248
Saudi Arabia
Contact us
© 2025 IndexBox, Inc
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
