NatWest has augmented its virtual agent – "Cora" – with generative AI (GenAI) to increase the scope of the conversations it has with customers.
Working with IBM, NatWest plugged Cora into numerous information sources – including product manuals, web links, and secure knowledge bases.
The GenAI then scours these, retrieves the answer to the customer’s question, and sends a response in a "natural, conversational style".
In doing so, the virtual agent – now known as "Cora+" - answers queries without prior training.
Moreover, Cora cites and links to the source material in its response, which the customer can click through or bookmark for further information.
Meanwhile, users may also use the virtual agent to compare products and services.
Wendy Redshaw, Chief Digital Information Officer of the NatWest Group's Retail Bank, added: "We are a relationship bank in a digital world, building trusted, long-term relationships with our customers through meaningful and personalized engagement.
Building on Cora's success over the last five years, we're working with companies like IBM to leverage the latest generative AI innovations that will help make Cora feel even more 'human' and, most importantly, a trusted, safe, and reliable digital partner for our customers.
More pointedly, NatWest leveraged IBM watsonx – its AI and data platform – to co-create Cora+ and drive more "interactive and conversational experiences".
To achieve this, GenAI reflects on the customer’s prompt, enabling a more personalized conversation.
Some GenAI models even allow businesses to specify the bot’s persona – whether that’s "professional and patient" or "empathetic and fun".
In the future, businesses may be able to adjust that persona based on the customer's tone and contact reason.
Yet, for now, NatWest is seemingly taking a tempered approach. Indeed, the bank aims to prioritize "a safe, intuitive, and accessible experience."
