NatWest’s Cora+ Revolutionizes AI in Banking

NatWest is significantly boosting its customer service capabilities with the introduction of an advanced AI-driven digital assistant named Cora+. This move comes as part of the UK-based bank’s efforts to stay ahead in the digital transformation of the banking sector. In 2023, Cora successfully handled over 10.8 million inquiries, marking a notable increase in customer engagement with virtual banking services since 2019.
The bank is now preparing to launch Cora+, an enhanced version of its digital assistant, starting with a pilot phase next Monday. Cora has become particularly useful for customers seeking assistance with common banking tasks such as transaction cancellations, updating addresses, obtaining bank statements, renewing bank cards, and opening ISA accounts. With Cora+, NatWest aims to provide a more enriched and human-like interaction experience for its customers.
A key feature of Cora+ is its use of generative AI technology, which enables the assistant to generate personalized responses and offer proactive financial management advice. This technology, developed in collaboration with IBM, allows Cora+ to learn from past interactions and improve future customer engagements.
Moreover, NatWest plans to combine the capabilities of Cora+ with the expertise of human agents to ensure comprehensive support for more complex customer needs. David Lindberg, chief executive of NatWest’s retail bank, highlighted that Cora+ is set to transform customer interactions by making them more natural and anticipatory.
This initiative represents a broader strategy by NatWest to integrate automation technologies into its operations, potentially reducing the reliance on traditional call centers and streamlining processes. Through the deployment of Cora+, NatWest is redefining banking interactions, offering a sophisticated blend of technology and personalized service to its customers.
For more details about NatWest and their services, visit their homepage at https://www.natwest.com.