NatWest prepares to introduce GenAI-powered virtual assistant Cora+ in collaboration with IBM
NatWest is preparing to roll out its generative AI-powered virtual assistant service, Cora+, which has been developed in collaboration with IBM’s enterprise AI and data platform, Watsonx.
NatWest prepares to launch Cora+ virtual assistant
The latest developments will enable the service to derive information from multiple sources through multi-channel integration, and to provide contextualised, pre-emptive responses to support the British bank’s intended provision of “a more intelligent, interactive and conversational experience”.
Where the intervention of a human customer service agent is required, previous interactions between the customer and the service will be summarised by Watsonx to enable the agent to “quickly understand what support the customer needs and the nature of their interaction”.
Set to be introduced through a “12-week pilot to address learnings and updates”, the developments build on the text-based service initially launched by NatWest in 2017. By 2023, the service claimed to be supporting the “day-to-day banking needs” of 10.8 million customers, with the most popular queries focused on cancelling transactions, opening an ISA, requesting bank statements and new cards, and changing personal account information.
Following the completion of its pilot testing phase with IBM, which has been involved in the project since November, NatWest indicates that Cora+ will be “fully rolled out at a later date.”
Retail banking CEO, David Lindberg, claims the deployment makes NatWest “one of the first banks to use generative AI…to provide more personalised and responsive support”.
“Cora+ is better able to anticipate their needs, make suggestions and respond in a more ‘human’ way to questions,” he explains, citing AI as “a key tool for NatWest”.
