NatWest, a UK-based bank, has partnered with IBM (NYSE:IBM) to introduce an upgraded version of its AI chatbot, Cora+. This generative AI is tailored to deliver personalized and dependable responses to intricate inquiries related to the bank’s offerings, services, and even job opportunities. It’s programmed to provide unbiased and respectful interactions, extending customer service availability beyond regular office hours, with no intention to replace traditional banking channels.
Paul Taylor of IBM Technology underscored Cora+’s standout features, highlighting its capacity to engage in natural, conversational dialogues with customers and tap into a wide array of information sources that were previously inaccessible through standard customer service methods. He assured that Cora+ delivers impartial and dependable responses, making it a trustworthy tool for both the bank and its customers. Taylor emphasized the urgency of incorporating advanced technologies like Cora+ for effective customer engagement, cautioning that banks risk lagging behind without such adoption.
The introduction of Cora+ aligns with recent advancements in AI safety in the UK. At the country’s inaugural AI Safety Summit, Prime Minister Rishi Sunak announced the establishment of a UK-based institute dedicated to pre-release testing of AI models from leading tech companies. This move underscores the growing acknowledgment of the importance of ensuring the trustworthiness and reliability of AI technologies across various sectors, highlighting the essential role of global collaboration in AI development.
Apart from engaging in human-like dialogues and accessing extensive data sources, Cora+ is designed to address intricate queries not only about banking services but also regarding employment opportunities. Taylor cautioned against potential AI “hallucinations,” emphasizing the imperative need for bias-free responses from these advanced systems.
The integration of Cora+ into NatWest’s customer service approach represents a significant stride in harnessing AI technology for elevated customer interaction within the banking industry. This technology proves particularly valuable for those seeking assistance beyond regular banking hours, all without displacing traditional banking methods.