In an ambitious upgrade to its customer service capabilities, NatWest has unveiled Cora+, a sophisticated digital assistant powered by the latest in artificial intelligence (AI) technology. This development reflects the bank’s commitment to adopting innovative technologies to enhance the banking experience for its customers.
Cora+ offers a leap in customer interaction
NatWest’s Cora+ represents a significant step forward in customer service automation by employing generative AI to engage customers in more dynamic and intelligent conversations. Developed with the support of IBM, this virtual assistant is engineered to understand and respond to customer queries by pulling information from a vast array of data, which allows it to provide tailored assistance on products and services, as well as banking career opportunities.
Designed to offer a service that parallels the insight of human advisors, Cora+ ensures that clients receive instant assistance at any hour, which is especially beneficial for those with non-traditional schedules or commitments that make it hard to visit a bank during regular hours.
Trust and reliability in digital banking
Paul Taylor of IBM highlights the critical aspect of Cora+’s development: maintaining an unbiased and neutral stance in all its interactions. The technology backing Cora+ is carefully crafted to eliminate the possibility of presenting incorrect information confidently, an aspect that is paramount in financial dealings where trust and accuracy are essential.
NatWest’s focus on delivering an error-free and ethical AI service demonstrates the bank’s understanding of the delicate balance between technological innovation and customer trust.
Forward-thinking banking solutions
The deployment of Cora+ arrives at a strategic moment, following the AI Safety Summit in the UK, where significant strides in AI collaboration and policy were celebrated. With Prime Minister Rishi Sunak recognizing the importance of this global collaboration, the bank’s move is a clear indication of the UK’s leadership in setting new benchmarks for AI in business.
The creation of a UK institute dedicated to AI testing further signals a heightened commitment to ensuring that the AI services deployed in the market are secure and beneficial for end-users.
NatWest’s launch of Cora+ goes beyond upgrading its services; it marks a strategic pivot towards creating a future-ready banking environment. As customers increasingly seek digital-first solutions, NatWest is positioning itself at the forefront of the intersection between finance and AI innovation. The bank’s latest foray into advanced AI underlines its role as a pioneer in the financial services sector, poised to set a precedent for customer service and digital engagement across the industry.