NatWest Group has entered a five-year partnership with Amazon Web Services (AWS) and Accenture with a focus on accelerating the modernisation of its digital, data analytics, and AI capabilities.
Digital enhancements will be honed through the consolidation of various data streams into a new bank-wide data platform, backed by cloud, AI, and banking solutions provided by AWS and Accenture.
The bank’s 20 million customers will also gain access to more personalised product recommendations through richer data analytics, while revamped documentation and verification processes will help to streamline digital onboarding.
At the back end, relationship managers will be equipped with “advanced tools that enable access to, and analysis of, deep insights for each customer”, according to NatWest. This includes “improved operational performance and simplified operating models” pertaining to complaints handling, fraud prevention, capital management, and regulatory reporting.
NatWest group CEO Paul Thwaite, appointed in July 2023, says the partnership will enable customers to be served “better and faster than ever before”, as part of a move to becoming “a simpler, more technology and data-driven bank”.
This collaboration will sit alongside NatWest’s existing partnership with ChatGPT developer OpenAI, inked in March this year, to help accelerate the bank’s adoption of AI.
Source: https://www.fintechfutures.com/
