We’re launching Cora+, an upgrade to our digital assistant, Cora, developed in collaboration with IBM. We’re one the first banks in the UK to deploy generative AI through a digital assistant.
In 2023, Cora helped customers with 10.8 million queries in their day-to-day banking needs, an increase from just over 5 million in 2019.
Cora+ will build on current capabilities into an intelligent virtual agent that uses generative AI to provide more intuitive, conversational customer experiences. Cora+ will initially be introduced as a 12 week pilot to address learnings and updates, before we fully rolled it out at a later date.
Speaking about the launch of Cora+, Wendy Redshaw, the Chief Digital Information Officer of our Retail Bank described Cora+ as “a major step forward in how customers interact with NatWest.” Wendy continued “by collaborating with IBM, we have been able to build on Cora’s success and leverage the latest innovations in AI, and we’re proud to be one of the first banks in the UK to do this. Cora+ will not only provide a more seamless ‘human’ experience, but also be a trusted, reliable digital partner for our customers.”
Key features of Cora+
Multi-channel integration
Cora+ will be able to access information from multiple secure sources in one place, including a variety of products, services and information about the bank. Working with experts from IBM’s Client Engineering team to develop the initial proof of concept, we have evolved Cora’s capabilities into a more intelligent, interactive and conversational experience. For the pilot these enhanced interactions will be available in certain journeys.
This will provide a range of benefits NatWest customers, including:
Enhanced conversational abilities through AI
With generative AI, customers can ask questions and receive responses in a more natural, human style and are provided with links to requested information, which they can either view immediately or bookmark for later.
Previously, when a customer asked Cora about a mortgage or lending product, a link would be provided to a general page which would require a customer to research and scroll through different options.
Now, Cora+ will be able to understand the context and nuances of each query to provide more accurate and personalised responses for certain journeys.
Proactive assistance
Once Cora+ is fully rolled out, the digital assistant will be able to anticipate customer needs, without requiring the customer to think of what to ask, based on past interactions and transaction history. This allows Cora+ to offer proactive suggestions and insights to help customers manage finances more effectively.
In situations where intervention from a customer service agent is needed, IBM’s enterprise AI and data platform will concisely summarise the conversation so that the human agent can quickly understand what support the customer needs and the nature of their interaction with Cora.
Broader knowledge base
Through machine learning Cora+ is trained on an extensive range of banking topics and customer queries, enabling her to assist with a wider variety of enquiries than before.
Data from NatWest shows five of the top queries for Cora are: cancelling a transaction, change of address, asking for a statement, requesting a new card and opening an ISA.
