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Lender exploring more than 275 AI projects, boosted by

OpenAI

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OpenAI tech likely to streamline fraud reporting processes

By Sinead Cruise

LONDON, March 20 (Reuters) - NatWest ( NWG ) and OpenAI

have joined forces to enhance the lender's digital assistants

and customer support processes using artificial intelligence, in

the first collaboration of its kind with a UK-headquartered

bank.

The lender has put AI at the heart of key strategies to

improve customer experience, cut costs and play its part to

reduce the sums lost to financial fraud across the industry.

Under terms of the agreement, NatWest ( NWG ) will have access to

all OpenAI products and secure early visibility and access to

the AI group's product pipeline, as well as bespoke consultancy

and executive input.

In one of more than 275 AI projects the bank is exploring,

NatWest ( NWG ) wants to harness Open AI's technology to ramp up the

capabilities of its customer-facing chatbot Cora and its virtual

assistant for staff, AskArchie.

At present, the majority of customers prefer to report

suspected fraud by phone, a preference NatWest ( NWG ) is hoping to

reverse using generative AI.

In the first half of 2024, just over 570 million pounds

($740 million) was stolen in payment fraud in Britain, with

scammers deploying increasingly creative ways to trap victims,

data from UK Finance shows.

By streamlining the process of reporting suspected fraud

using Cora, NatWest ( NWG ) aims to secure vulnerable accounts faster

and free up call handlers to deal with other customer needs.

NatWest ( NWG ) also believes its AI-powered digital assistants may

help customers better understand their finances, which could

help them plan better.

"AI is already playing a vital role in our digital

transformation; helping colleagues across the bank to serve

customers in a more personalised and productive way," NatWest

Group ( NWG ) Chief Information Officer Scott Marcar said.

The GenAI functionality offered by Cora has helped to drive

a 150% improvement in customer satisfaction levels and reduce

the number of times a human adviser is called on to complete the

request, the bank said.

"Around 80% of our retail customers bank with us entirely

digitally, which is why continually innovating to deliver the

best digital experience possible is a non-negotiable," NatWest's ( NWG )

retail banking CEO Angela Byrne said.

OpenAI was co-founded by Sam Altman and Elon Musk in 2015

with a vision to develop AI for the good of humanity rather than

corporate profit.

The firm is now trying to transition into a for-profit

entity, which it says is required to secure the capital needed

for developing the best AI models.

($1 = 0.7698 pounds)