Insider Brief
- NatWest Group is extending its partnership with Amazon Web Services (AWS) to expedite the application of artificial intelligence, including AWS’s generative AI solutions, aiming to assist 10 million individuals in managing their financial wellbeing by 2027.
- Utilizing AI responsibly and ethically, NatWest Group intends to offer personalized support to customers in areas like home buying, savings, financial education, and business growth through tools like NatWest Digital Financial Health Check and Know Your Credit Score service.
- Collaborating with the AWS Generative AI Innovation Center, NatWest Group’s data scientists and engineers will co-create AI products, leveraging foundation models from Amazon Bedrock to provide data-driven insights, fraud detection, and tailored financial solutions, improving overall customer support and protection in banking experiences.
PRESS RELEASE — September 18, 2023 — NatWest Group has announced that it is expanding its collaboration with Amazon Web Services, Inc. (AWS) to accelerate the use of artificial intelligence (AI) — including AWS’s generative AI solutions — to more rapidly drive toward its goal of helping 10 million people manage their financial wellbeing by the end of 2027.
The move recognises that harnessing the power of responsible and ethical AI use will be essential to achieving the bank’s commitment to help customers manage their financial wellbeing by providing personalised support — whether that’s for buying a home, saving for the future, learning critical money management skills or setting up and growing a business. It is doing this using personalised engagement tools, such as the NatWest Digital Financial Health Check, and the recently extended Know Your Credit Score service — available to anyone in the UK.
Data scientists and engineers from NatWest Group will work closely with specialist teams from the newly launched $100 million AWS Generative AI Innovation Center to co-create responsible AI products on top of foundation models (FMs) available through Amazon Bedrock.
Scott Marcar, NatWest Group, Group Chief Information Officer said:
“This is an exciting chapter in our journey to deliver sustainable growth through deep, lasting relationships with each of the 19 million customers we serve.
We’ve chosen to build on our existing strategic relationship with AWS and develop AI-powered financial products with a trusted collaborator who understands how we work with data at scale to keep our customers safe and secure.”
The move recognises the strength of our vision, our people, and our data capability. Ultimately, it will allow us to better support and protect our customers across the bank by leveraging the reliability, security and scalability of generative AI.”
“This is the latest evolution of our long-standing collaboration with NatWest Group to make it easier and faster to generate data-driven insights and deploy tailored financial solutions at scale,” said Swami Sivasubramanian, vice president of Databases, Analytics, and Machine Learning at AWS. “Using Amazon SageMaker, NatWest Group is already creating secure, personalized customer journeys with machine learning. Leveraging new generative AI capabilities like Amazon Bedrock will further enable the bank to deliver the personalised support that customers want and need to meet all their financial goals.”
Working with AWS, NatWest Group developed AI models that help the bank detect if customers might be in the process of being scammed. By analysing customers’ behaviours with AI, the bank can spot unusual payments patterns earlier, enabling them to intervene more quickly and reduce financial loss.
Combining AWS’s leading data, analytics, machine learning, and generative AI capabilities with the bank’s 300 years of financial services experience will result in tailored banking experiences that deliver personalised communications, financial education, products, and services to NatWest Group’s customers.
About NatWest Group
NatWest Group is a relationship bank for a digital world. Championing potential, helping people, families and businesses to thrive. By supporting our customers at every stage of their lives, we can build long-term value, invest for growth, make a positive contribution to society and drive sustainable returns for shareholders.
