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NatWest, a UK-based bank, in collaboration with IBM (NYSE:), has introduced an advanced version of its AI chatbot, Cora+. This generative AI is designed to provide personalized, reliable responses to complex inquiries about the bank’s products, services, and even job openings. The technology is programmed to offer unbiased and hate-free interactions, extending customer service accessibility beyond standard office hours without intending to replace traditional banking channels.
Paul Taylor from IBM Technology emphasized Cora+’s key features, highlighting its ability to engage in natural, conversational dialogues with customers and access diverse information sources previously unreachable by standard customer service methods. He assured that Cora+ provides unbiased and trustworthy responses, making it a reliable tool for both the bank and its customers. Taylor stressed the necessity of integrating advanced technologies like Cora+ for effective customer engagement, cautioning that banks risk falling behind without such adoption.
The unveiling of Cora+ aligns with the recent advancements in AI safety in the UK. At the country’s first AI Safety Summit, Prime Minister Rishi Sunak announced a new UK-based institute dedicated to pre-release testing of AI models from top tech firms. This move underscores the growing recognition of the importance of ensuring the trustworthiness and reliability of AI technologies in various sectors and emphasizes the crucial role of global collaboration in AI development.
In addition to providing human-like dialogues and using extensive data sources, Cora+ is designed to answer complex inquiries not only about bank services but also about job opportunities. Taylor warned of potential AI “hallucinations”, emphasizing the need for bias-free responses from these advanced systems.
The integration of Cora+ into NatWest’s customer service approach represents a significant step forward in leveraging AI technology for enhanced customer engagement in the banking sector. The technology is particularly beneficial for those requiring support outside standard banking hours while not replacing traditional banking methods.
InvestingPro Insights
InvestingPro’s real-time data reveals that NatWest Group (NWG) has a market cap of $20.37 billion. The company’s price-to-earnings ratio is 8.06, painting a picture of a low earnings multiple, which is in line with one of the InvestingPro Tips. The revenue growth over the last twelve months as of Q3 2023 is 18.07%, indicating a strong performance in terms of earnings.
Two key InvestingPro Tips for NWG include the consistent increase in earnings per share and the significant dividend paid to shareholders, with a yield of 5.77% as of the end of 2023. These insights align with the article’s focus on the company’s innovative steps to enhance customer engagement and service accessibility, which can contribute to its financial performance.
For more in-depth analysis and additional tips, consider exploring InvestingPro’s comprehensive platform. There, you’ll find 11 more tips related to NWG’s performance and potential investment strategies.
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