NatWest is set to revolutionize digital banking with a cutting-edge upgrade to its chatbot, Cora. Teaming up with IBM, the bank has integrated generative AI into Cora, creating a more intelligent and responsive version, Cora+.
The Future of Customer Interaction
Initially, Cora+ will undergo a 12-week pilot phase, during which NatWest will refine its capabilities based on user feedback. This enhanced digital assistant will access multiple secure sources to provide detailed, context-aware answers to customer inquiries. Whether it’s about products, services, or account information, Cora+ is designed to respond in a more natural, human-like manner.
A Personalized Experience
Before the upgrade, Cora would direct customers to a general information page for queries about mortgages or lending products, requiring them to sift through options. Now, Cora+ comprehends the nuances of each query, delivering precise, personalized responses. This upgrade means customers receive direct links to specific information, which they can view immediately or bookmark for later.
Anticipating Customer Needs
Once fully rolled out, Cora+ will go beyond reactive assistance. Leveraging past interactions and transaction history, it will anticipate customer needs and provide proactive support. Imagine not having to think of what to ask – Cora+ will suggest relevant information based on your banking habits.
Addressing Common Queries
Data from NatWest highlights the top queries Cora handles: cancelling a transaction, changing an address, asking for a statement, requesting a new card, and opening an ISA. With the new AI capabilities, these interactions will become even smoother and more intuitive.
A Step Towards Smarter Banking
David Lindberg, CEO of Retail Banking at NatWest, remarked, “AI has been a key tool for NatWest since we introduced Cora in 2017, with nearly 11 million queries answered last year alone. Today, we’re taking the next step by introducing Cora+ and becoming one of the first banks to use generative AI in this way. Cora+ will provide more personalized and responsive support, better able to anticipate needs, make suggestions, and respond in a more ‘human’ way.”
Stay tuned for more innovations as NatWest continues to enhance its digital banking experience with AI-driven solutions.
