NatWest is expanding its partnership with Amazon Web Services (AWS) to include the adoption of innovative generative AI technology offered by the cloud service provider.
In this initiative, data scientists and engineers from NatWest Group will collaborate intensively with the expert teams from the newly inaugurated $100 million AWS Generative AI Innovation Center. Together, they aim to co-create AI-driven products, leveraging foundation models accessible via Amazon Bedrock.
Scott Marcar, the CIO of NatWest Group, stated, “We’ve opted to enhance our current strategic alliance with AWS to formulate AI-enhanced financial products. We’re doing so with a reliable partner who comprehends our large-scale data operations intended to maintain our customer’s safety and security.”
Through its collaboration with AWS, NatWest Group has already constructed AI models capable of aiding the bank in detecting potential scam activities targeting customers by identifying irregular payment patterns through customer behaviour analysis. Additionally, the bank has introduced personalised interaction tools, including NatWest’s Digital Financial Health Check.
Swami Sivasubramanian, the vice president of Databases, Analytics, and Machine Learning at AWS, remarked, “NatWest Group, utilising Amazon SageMaker, is already developing secure, customised customer experiences with machine learning. By incorporating advanced generative AI features like Amazon Bedrock, the bank can further provide personalised assistance that customers require to achieve their financial objectives.”
In essence, this collaboration signifies a mutual endeavour between NatWest and AWS to develop advanced, secure, and customised financial products and services, leveraging the latest in generative AI technology.