Natwest Group has expanded its ongoing collaboration with AWS to accelerate the use of AI, including AWS’s generative AI solutions, to rapidly pursue the bank’s goal of helping ten million people manage their financial well-being per year by the end of 2027.
Data scientists and engineers from NatWest Group will work closely with specialist teams from the newly launched $100m AWS Generative AI Innovation Center to co-create responsible AI products on top of foundation models (FMs) available through Amazon Bedrock.
NatWest Group has developed AI models with AWS to help the bank detect if customers might be in the process of being scammed. By analyzing customers’ behaviors with AI, the bank can spot unusual payments patterns earlier, enabling them to intervene more quickly and reduce financial loss. With AWS’s ML and generative AI capabilities with the bank’s 300 years of financial services experience, NatWest can now deliver personalized communications, financial education, products and services to its customers.
Swami Sivasubramanian, vice president of databases, analytics and machine learning at AWS, said: “This is the latest evolution of our long-standing collaboration with NatWest Group to make it easier and faster to generate data-driven insights and deploy tailored financial solutions at scale.
“Using Amazon SageMaker, NatWest Group is already creating secure, personalized customer journeys with machine learning. Leveraging new generative AI capabilities like Amazon Bedrock will further enable the bank to deliver the personalized support that customers want and need to meet all their financial goals.”
Scott Marcar, group chief information officer at NatWest Group, said: “This is an exciting chapter in our journey to deliver sustainable growth through deep, lasting relationships with each of the 19 million customers we serve.
“We’ve chosen to build on our existing strategic relationship with AWS and develop AI-powered financial products with a trusted collaborator who understands how we work with data at scale to keep our customers safe and secure.
“The move recognizes the strength of our vision, our people and our data capability. Ultimately, it will allow us to better support and protect our customers across the bank by leveraging the reliability, security and scalability of generative AI.”
