NatWest’s digital assistant, Cora, experiences a sharp rise in addressing customer queries, leading to the introduction of a more advanced chatbot named Cora+. Utilizing generative AI, Cora+ aims to provide human-like interactions and personalised responses, positioning NatWest at the forefront of technological innovation in UK banking.
NatWest, a UK banking giant, has significantly increased the volume of customer queries handled by its digital assistant, Cora, in recent years. In 2023, Cora addressed 10.8 million queries, more than doubling the five million addressed in 2019. The bank is now piloting a new, advanced version of its chatbot, called Cora+, which utilizes generative artificial intelligence (AI) for more human-like interactions.
The top queries handled by Cora include canceling transactions, changing addresses, requesting bank statements, ordering new bank cards, and opening ISAs. The push for such technological advancements comes as major high street banks, including NatWest, continue to modernize their online and mobile services due to decreased foot traffic in physical branches. NatWest has closed nearly 50 branches this year after over 100 closures in 2023.
Despite occasional outages, such as a four-hour disruption in May affecting online and mobile banking, NatWest remains one of the first UK banks to implement generative AI in its customer service. This technology allows Cora+ to offer more personalized responses and suggestions, enhancing customer interactions. Created in collaboration with IBM, Cora+ stores information to be later utilized or escalated to human agents for further support.
David Lindberg, CEO of NatWest’s retail bank, stated that Cora+ will transform daily banking interactions by better anticipating customer needs. Meanwhile, NatWest’s CEO, Paul Thwaite, is focusing on further automation throughout the bank’s operations, which may reduce dependency on call centers moving forward.
