NatWest Group has unveiled a five-year partnership with Amazon Web Services (AWS) and Accenture to overhaul its digital, data, and artificial intelligence (AI) capabilities.
This initiative aims to enhance customer service and engagement for NatWest’s 20 million clients by leveraging AWS’s and Accenture’s expertise in cloud, AI, and banking.
The collaboration is set to empower NatWest employees through access to new AI technologies, fostering a data-driven culture and enabling them to serve customers more efficiently.
According to the agreement, NatWest intends to advance its strategic objectives by introducing advanced data capabilities for relationship managers. This will allow them access to in-depth insights into customer relationships, promoting disciplined growth.
Additionally, NatWest plans to enhance customer interactions by integrating data and analytics into all engagements, aiming to provide a personalised and proactive experience. The bank-wide initiative involves consolidating various data streams into a unified platform aided by AI, which is expected to simplify operations and improve efficiency.
Accenture chair and CEO Julie Sweet said: “NatWest has a bold vision to use the power of its data to seamlessly tie together its products, channels and customer touchpoints—a major step forward in making banking easier for its customers and providing them with more personalised experiences.”
The initiative also focuses on improving operational performance with streamlined processes that will free up staff to interact more with customers while simultaneously reducing costs.
In terms of risk management, the partnership seeks to harness better-quality data to bolster security measures, enhance fraud prevention, and facilitate efficient complaints handling.
The collaboration is also expected to lead to more agile capital management and faster financial reporting processes.
NatWest Group CEO Paul Thwaite said: “This collaboration with Accenture and AWS is key to helping us progress the transformation of NatWest as we become a simpler, more technology and data-driven bank. Our industry—and the expectations of our customers—are changing rapidly and we are building our capabilities in order to understand and serve their needs better and faster than ever before.
“Equipped with high quality data, we can continue to quietly revolutionise how we serve our customers through the use of AI and other technologies in order to provide more personalised products and services as a trusted partner in the moments that matter most.”
