British bank NatWest is taking a bold step forward in its adoption of artificial intelligence (AI) with the introduction of a new chatbot that can engage in human-like conversations with customers. The upgraded virtual assistant, named Cora+, will utilize generative AI, enabling it to provide answers to customer queries in a more natural and conversational manner. Developed in collaboration with technology giant IBM, Cora+ has access to a wide range of information sources that were previously inaccessible to the chatbot alone. As a result, it can offer personalized responses to complex questions about products, services, the bank’s information, and even career opportunities.
One of the key considerations in creating Cora+ was ensuring it is free from biases and hate speech. Paul Taylor, the Managing Director of IBM Technology, emphasized the importance of building a chatbot that provides accurate information without propagating harmful content. “The bank has to have confidence that the answer given by the chatbot is free of bias, free of hate… and can be done in a way that both the bank and customers can trust,” he said. This commitment to accuracy and trust is vital, as there can be no room for error or misinformation when customer satisfaction is at stake.
The introduction of Cora+ is part of NatWest’s efforts to meet the evolving needs of its customers, particularly those who require support outside of regular office hours. Families with young children and individuals working unsociable hours, for instance, will benefit from being able to access banking assistance at their convenience. However, NatWest is keen to emphasize that Cora+ is not meant to replace the option of visiting a branch or speaking to a bank staff member over the phone. Instead, it is about providing customers with more choices in how they receive the information they need.
In fact, Paul Taylor suggests that banks who fail to embrace advanced technology, such as AI-powered chatbots, may fall behind their competitors in the future. He explains that certain customers, based on their profiles, may become more transient and choose the bank that offers the best technological solutions. In an increasingly digital and fast-paced world, it is crucial for banks to invest in innovative technologies to keep pace with changing customer preferences and expectations.
The launch of Cora+ comes on the heels of the UK hosting its first AI Safety Summit, where Prime Minister Rishi Sunak hailed the progress made in global collaboration around AI. In a significant announcement, Sunak revealed the establishment of a new institute in the UK that will test new AI models developed by major technology firms before their release. This move highlights the government’s commitment to ensuring the responsible and safe deployment of AI technologies.
The introduction of NatWest’s Cora+ chatbot marks an exciting development in the realm of customer service, leveraging AI to provide more natural and personalized interactions. With its ability to access a wealth of information and its commitment to unbiased responses, Cora+ aims to enhance the customer experience and cater to the diverse needs of modern banking customers. As the digital landscape continues to evolve, it is imperative for banks to embrace advanced technologies, like AI, to stay ahead of the curve and meet the expectations of their tech-savvy clientele.
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