NatWest’s CEO, Paul Thwaite, reveals plans to boost automation in the bank to streamline operations and cut costs. Thwaite aims to digitalize customer interactions and reduce call centre reliance, while highlighting the use of AI technologies like chatbot Cora and generative AI for fraud detection.
NatWest CEO Paul Thwaite Unveils Automation Plans
NatWest’s CEO, Paul Thwaite, has outlined his strategy to increase automation within the bank, aiming to simplify operations and reduce costs. Speaking at the Goldman Sachs European Financials Conference, Thwaite highlighted plans to digitize customer engagements, potentially reducing reliance on call centers.
Thwaite, who became CEO in February 2024, announced these plans following Labour’s shadow chancellor Rachel Reeves’s indication that her party would not diverge from the Conservative government’s strategy to sell the government’s remaining stake in NatWest by 2026. The intended public sale of NatWest shares was delayed due to the upcoming general election on July 4.
Thwaite emphasized the bank’s use of AI, including its chatbot Cora, which handled 11 million customer queries last year, alongside generative AI pilots for fraud detection and complaint management. He also noted the recent reduction of the executive committee from 15 to 10 members to streamline decision-making and enhance productivity.
