NatWest Signs Five-Year AI Deal with AWS and Accenture
NatWest has entered a five-year partnership with AWS and Accenture to modernize its data systems using AI. The aim is to enhance operations, personalize services, and strengthen security and compliance.
Key Points to Note:
- Architecture: AWS and Accenture to construct a new AI cloud platform for streamlined operations.
- Application: The OpenAI collaboration will bring chatbot enhancements and AI-driven services.
- Customers: 80% of NatWest customers engage digitally, benefiting from AI in fraud detection, analytics, and productivity.
NatWest Group, a UK banking firm, will align with AWS and Accenture to optimize data organization through a centralized cloud-based platform supported by AI analytics engines. The focus is on operational efficiency, personalized customer experiences, and regulatory adherence. Training on AI and digital aspects is included, but the deal value remains undisclosed.
Bank-Wide Data Platform
NatWest emphasizes the importance of a comprehensive data platform to simplify operations and enhance banking services through AI-enabled processes. In collaboration with AWS and Accenture, advanced cloud technologies and banking expertise drive this initiative.
With 20 million customers, NatWest is at the forefront of AI exploration, with various projects and use cases in production. A strategic partnership with OpenAI highlights the bank’s commitment to deploying AI effectively to meet customer demands and boost efficiency.
Utilizing generative AI tools like Cora+ and AskArchie+, NatWest reports significant enhancements in customer satisfaction and intervention reduction. Their digital focus is evident, with the majority of retail customers embracing digital banking.
