CEO Paul Thwaite reveals NatWest’s ambitious automation and simplification measures for the coming years, focusing on AI integration, reduced reliance on call centres, and government share sell-off.
NatWest Bank has announced major changes in its operations for 2025 and 2026, as outlined by CEO Paul Thwaite on June 6, 2024. Thwaite, who has been NatWest’s permanent chief executive since February 2024, emphasized the bank’s commitment to increasing automation and simplifying its business structure. Speaking at the Goldman Sachs European Financials Conference, he highlighted the use of artificial intelligence, particularly the bank’s chatbot, Cora, which handled nearly 11 million customer queries last year. Additionally, NatWest has piloted generative AI for fraud detection and more efficient complaint handling.
Thwaite also mentioned the reduction of the bank’s reliance on call centers as part of its digitization strategy. These changes follow a recent downsizing of the executive committee from 15 to 10 members in March, aimed at streamlining decision-making processes and reducing operational costs amid inflationary pressures.
Furthermore, Thwaite discussed the government’s plan to sell its entire shareholding in NatWest by 2025 to 2026. Although the sale to the general public was delayed due to the general election scheduled for July 4, he expressed confidence in achieving the outlined goals regardless of the election outcome.
