NatWest banks on Amazon Web Services (AWS) and Accenture for transforming customer experiences using Artificial Intelligence (AI)

NatWest banks on Amazon Web Services (AWS) and Accenture for transforming customer experiences using Artificial Intelligence (AI)

In a bold move to modernise its digital, data, analytics, and AI capabilities, NatWest Group, one of the UK's largest banking institutions, has entered into a five-year strategic partnership with Amazon Web Services (AWS) and Accenture. The collaboration aims to transform the bank's customer service and internal operations, making it more agile, innovative, and competitive in the digital-first banking landscape.

At the heart of this transformation is the development of AI-driven services for NatWest's 20 million customers worldwide. By leveraging AWS's cloud and AI technologies combined with Accenture's consulting expertise, the bank seeks to deliver personalised services that give relationship managers deeper insights into customer needs, preferences, and behaviours, ultimately improving service quality.

Simplifying and unifying the bank's data landscape is another key component of the strategy. NatWest is consolidating scattered data streams into a single, bank-wide data platform, enabled by artificial intelligence. This move will reduce operational complexity and tech fragmentation, streamlining the bank's infrastructure.

Enhancing risk management, balance sheet oversight, security, and fraud defences are also priorities. Improved data quality and analytics will strengthen the bank's financial and regulatory resilience, ensuring a robust and secure banking environment for its customers.

NatWest is also committed to building a stronger data-driven culture and upskilling its employees. This focus on workforce capabilities and innovation through advanced technology use is essential for the bank's transformation.

In addition to its partnership with AWS and Accenture, NatWest has also established relationships with other vendors for its data, analytics, and AI needs. The bank has signed a 100k license deal with Microsoft, though the specifics of this partnership remain undisclosed.

In March, NatWest announced a partnership with IBM to enhance its virtual assistant, Cora, using generative AI for more natural, conversational interactions. The bank has also signed a deal with Snowflake to use its cloud analytics service to address the environmental impacts of its business.

In 2022, NatWest migrated its on-prem datacenters to Teradata's Vantage cloud platform on AWS, marking another step in its digital transformation journey.

CEO Paul Thwaite emphasised that this collaboration is key to the bank's transformation, equipping NatWest to better meet rapidly evolving customer needs by harnessing high-quality data and AI technologies. The ultimate goal is to quietly revolutionise customer service and operational efficiency, making NatWest a simpler, more technology and data-driven bank.

1. NatWest Group aims to develop AI-driven services for its 20 million customers worldwide, leveraging Amazon Web Services' cloud and AI technologies and Accenture's consulting expertise.
2. To simplify and unify its data landscape, NatWest is consolidating scattered data streams into a single, bank-wide data platform enabled by artificial intelligence.
3. Enhancing risk management, balance sheet oversight, security, and fraud defences are priorities for NatWest, with improved data quality and analytics strengthening the bank's financial and regulatory resilience.
4. NatWest is building a stronger data-driven culture and upskilling its employees, focusing on workforce capabilities and innovation through advanced technology use.
5. In addition to its partnership with AWS and Accenture, NatWest has established relationships with other vendors for its data, analytics, and AI needs, including a 100k license deal with Microsoft.
6. In 2022, NatWest migrated its on-prem datacenters to Teradata's Vantage cloud platform on AWS, marking another step in its digital transformation journey towards becoming a simpler, more technology and data-driven bank.

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