NatWest launches Cora+, a Generative AI upgrade to digital assistant

Digital Reinvention
23/06/2024 News

NatWest has announced the launch of Cora+, an upgraded version of its digital assistant Cora, developed in collaboration with IBM. This new version, introduced during London Tech Week, will make NatWest one of the first UK banks to deploy generative AI in a digital assistant.

Digital Reinvention
13/06/2024 Article

Financial Innovation Spotlight: June 2024 edition

Enhanced customer support with Cora+

Cora+ builds on Cora's existing capabilities, transforming it into an intelligent virtual agent that uses generative AI to provide more intuitive and conversational customer experiences. Initially launched as a 12-week pilot, Cora+ will be fully rolled out at a later date.

Key features of Cora+

• Multi-channel integration: Cora+ will access information from multiple secure sources, enhancing its ability to provide comprehensive assistance. Developed with IBM’s Client Engineering team, this feature will be available in specific customer journeys during the pilot phase.

• Enhanced conversational abilities: With generative AI, customers can ask questions and receive responses in a natural, human-like style. Cora+ will provide accurate and personalized answers, unlike the previous version which directed customers to general information pages.

• Proactive assistance: Cora+ will anticipate customer needs based on past interactions and transaction history, offering proactive suggestions and insights to help manage finances more effectively. If human intervention is needed, IBM’s AI platform will summarize conversations for customer service agents.

• Broader knowledge base: Cora+ is trained on a wide range of banking topics, enabling it to assist with more queries than before. Top customer queries include canceling transactions, changing addresses, requesting statements, and opening ISAs.

Leadership perspectives

Wendy Redshaw, Chief Digital Information Officer of NatWest Group's Retail Bank, stated, "Cora+ is a major step forward in enhancing customer experience through AI. We're proud to collaborate with IBM to provide a more seamless, human-like interaction for our customers."

David Lindberg, CEO of Retail Banking at NatWest, added, "With nearly 11 million queries answered last year, Cora has been a key tool for our customers. Cora+ will take this further by offering personalized and responsive support, transforming day-to-day banking interactions."

Nicola Hodson, Chief Executive of IBM UK and Ireland, commented, "The launch of Cora+ marks a new milestone in our partnership with NatWest. Generative AI enhances customer experience, and we’re excited to expand Cora+ capabilities safely and securely."

Cora+ is accessible through the NatWest website, mobile app, and social media platforms, ensuring convenient customer support. Customers can still speak with representatives during business hours.

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