NatWest accelerates bank-wide data & AI transformation

NatWest Group is accelerating its bank-wide data and artificial intelligence (AI) transformation with a new five-year collaboration with Amazon Web Services (AWS) and Accenture.

The partnership aims to transform how NatWest serves its customers by boosting the modernization of its digital, data and analytics and AI capabilities. The deal will enable NatWest to provide more intuitive, engaging and personalized services through the combination of Accenture and AWS’s advanced cloud, AI and banking expertise, according to the announcement.

In March, NatWest Group became the first UK-headquartered bank to work with OpenAI in a collaboration to support its strategic focus on bank-wide simplification. This includes deploying AI to meet customers’ needs more effectively and increase productivity and efficiency across the bank.

NatWest’s 3 strategic priorities

Along with enhancing customer service, NatWest’s new collaboration with AWS and Accenture will also enhance colleagues’ skills and foster a data-driven culture through access to new AI technologies that empower them to more swiftly and easily serve customers, a press release stated.

This will help NatWest deliver against each of its strategic priorities:

• Disciplined growth: Introducing state-of-the-art data capabilities and advanced tools for relationship managers. Seamless engagement and real time communication for customers, integrating data and advanced analytics into every customer interaction in order to provide a personalized and proactive experience.
• Bank-wide simplification: Accelerating the consolidation of various data streams into a single, bank-wide data platform, enabled by AI. Providing a more efficient and cohesive banking experience, including faster onboarding through digital verification and streamlined documentation processes, as well as improved operational performance and simplified operating models with greater automation of processes and controls.
• Active balance sheet and risk management: Better quality data to support robust security and protection measures, enabling more efficient complaints handling and improved fraud prevention. 

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NatWest’s ongoing business transformation

The collaboration with Accenture and AWS is key to helping NatWest progress transformation as it becomes a simpler, more technology and data-driven bank, said Paul Thwaite, CEO of NatWest Group.

“Our industry – and the expectations of our customers – are changing rapidly and we are building our capabilities in order to understand and serve their needs better and faster than ever before. Equipped with high quality data, we can continue to quietly revolutionize how we serve our customers through the use of AI and other technologies in order to provide more personalized products and services as a trusted partner in the moments that matter most.”

NatWest is working with AWS and Accenture to bring together banking data to better serve customers, added Matt Garman, CEO of AWS. “Using AWS’s deep and extensive experience in financial services technology, NatWest is setting new standards in banking as a more agile, customer-focused bank. Their AI-enabled platform will deliver the agility, security and reliability needed to deepen customer relationships and drive growth. This exemplifies how forward-thinking financial institutions work with AWS to solve real problems and innovate at scale.”

Image credit: NatWest

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