NatWest Group has announced a five-year contract with AWS and Accenture intended to improve its analytics performance for customer data.
The UK-based global bank said it plans to transform customer service by modernizing its digital, data, analytics, and AI tech.
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NatWest has around 20 million customers globally. It said it will use the cloud, AI, and banking knowledge of Accenture and AWS to improve how it responds to their needs. It also plans to use the agreement to up the skills of its workforce and “foster a data-driven culture.”
The bank said it is preparing to consolidate “various data streams into a single, bank-wide data platform, enabled by AI.” As well as customer service, it would use the platform to address back-office challenges such as security, capital management, and regulatory reporting.
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 revolutionize how we serve our customers through the use of AI and other technologies.”
But the banking group already has a slew of relationships with other vendors designed to address its data, analytics, and AI needs. In March, Natwest announced it would work with OpenAI to develop the bank’s digital assistant services to help customers use AI for more complex tasks.
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In 2023, it signed up with IBM to enhance its virtual assistant, Cora, to use generative AI to provide customers with access to a wider range of information via more natural, conversational interactions.
It also signed a deal with Snowflake to use its cloud analytics service to address the environmental impacts of its business.
In 2022, NatWest was cited by data warehouse stalwart Teradata as an example of a customer migrating on-prem datacenters to its Vantage cloud platform on AWS. ®