IBM has collaborated with UK banking giant NatWest to enhance the bank’s virtual assistant with generative AI.
NatWest will leverage IBM’s AI and data platform, watsonx, to create a new digital assistant Cora+, from its previous service Cora. The idea is for customers to receive a more accessible and human-like interaction.
According to NatWest, the updated bot will be able to access information from multiple secure sources that were previously inaccessible through chat alone, such as products, services, info about the bank and career opportunities.
Cora+ will then provide replies in a more “natural, conversational style”. It will also provide links to information which the user can either view immediately or save for a later date.
Making chatbots the default choice for customers
The partnership will also boost NatWest’s efforts to become a wholly digital enterprise. NatWest claimed that IBM offers fresh tech talent that can help it create innovative technologies.
Wendy Redshaw, chief digital information officer of the NatWest Group’s Retail Bank, said: “We’re working with companies like IBM to leverage the latest generative AI innovations that will help make Cora feel even more ‘human’ and, most importantly, a trusted, safe and reliable digital partner for our customers.”
IBM’s John Duigenan, general manager, added that other banking giants are also exploring the potential of generative AI as part of their business strategy.
Duigenan said that with the appropriate guardrails and governance in place, banks can deliver an empowering value proposition enabling an even deeper level of customer loyalty.
According to a recent study by IBM, banks and financial businesses are being more selective and deliberate in their use of generative AI. Talent, security and customer experience were cited the top areas for genAI deployment.
Most CEOs (75%) said that the competitive advantage will go to the institutions that have the most advanced use of generative AI.
To read more stories on AI click here
