NatWest Leverages IBM AI for Enhanced Customer Chat Experience

British bank NatWest is harnessing the power of IBM's watsonX AI and data platform to enhance its Cora virtual assistant, launching an upgraded version known as Cora+. This innovative chatbot will leverage generative AI to deliver richer, more contextually relevant responses, enabling customers to interact in a natural and conversational manner.

Cora+ is designed to generate tailored responses to complex inquiries, assisting customers in comparing products, locating necessary services, and smoothly navigating NatWest's digital ecosystem. This advanced virtual assistant can pull information from multiple secure sources, a feature that elevates the chatbot’s capabilities beyond traditional chat interactions. Importantly, customers still have the option to connect with branch representatives during business hours, ensuring personalized support when needed.

Wendy Redshaw, NatWest’s Chief Digital Information Officer, emphasized that these enhancements will make Cora more relatable, reinforcing its role as a trusted digital advisor. Originally launched in 2017, Cora began by handling simple inquiries, managing approximately 1,000 chats per month. Today, it proudly engages in 1.4 million conversations each month, showcasing its growth and impact on customer engagement.

The development of Cora+ was a collaborative effort, with IBM's Client Engineering team rigorously testing and validating the assistant alongside NatWest's business and technology teams. This collaboration ensured that Cora+ is securely deployed and adheres to established guidelines for AI governance. John Duigenan, IBM's distinguished engineer and general manager for the global financial services sector, remarked, “With the right guardrails and governance, banks can present an empowering value proposition that fosters deeper customer loyalty.”

Recent research from IBM indicates that over 40% of banking and financial leaders anticipate significant contributions from AI toward financial success in the coming years. Customer experience has emerged as a primary focus for more than half of the industry leaders surveyed, alongside key concerns such as talent acquisition and security.

In today’s ever-evolving financial landscape, the integration of advanced AI tools like Cora+ not only enhances operational efficiency but also significantly elevates the customer experience, positioning banks to meet modern demands while building lasting trust and loyalty among clients.