NatWest Group to Accelerate Bank-wide Data and AI Transformation Through 5-year Collaboration with Accenture and AWS
Strategic collaboration to provide better, simpler, and more personalised experiences for customers banking with NatWest
NatWest Group ("NatWest") has today announced a new, five-year collaboration with Amazon Web Services, Inc. ("AWS")—an Amazon.com, Inc. company (NASDAQ:AMZN)—and Accenture (NYSE:ACN) to transform the way it serves its customers by accelerating the modernisation of its digital, data and analytics, and AI capabilities.
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NatWest has today announced a new, five-year collaboration with Amazon Web Services and Accenture to transform the way it serves its customers by accelerating the modernisation of its digital, data and analytics, and AI capabilities.
The collaboration will enable NatWest to provide more intuitive, engaging and personalised services to its 20 million customers—drawing on the combination of Accenture and AWS's advanced cloud, AI, and banking expertise to help anticipate and respond to customer needs faster and more effectively.
In parallel, it will further enhance colleagues' skills and foster a data-driven culture through access to new AI technologies that empower them to more swiftly and easily serve customers.
As a result, the collaboration will help NatWest deliver against each of its strategic priorities:
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Disciplined growth:
- A holistic view of each customer's relationship with the bank—introducing state-of-the-art data capabilities for relationship managers, equipping them with advanced tools that enable access to, and analysis of, deep insights for each customer.
- Seamless engagement and real time communication for customers—integrating data and advanced analytics into every customer interaction in order to provide a personalised and proactive experience, with recommendations, products and support that meet and anticipate their needs.
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Bank-wide simplification:
- Accelerating the consolidation of various data streams into a single, bank-wide data platform, enabled by AI.
- Providing a more efficient and cohesive banking experience, including faster onboarding through digital verification and streamlined documentation processes.
- Improved operational performance and simplified operating models—greater automation of processes and controls, freeing up colleagues to spend more time with customers, whilst reducing costs.
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Active balance sheet and risk management:
- Better quality data to support robust security and protection measures—enabling more efficient complaints handling and improved fraud prevention.
- More agile capital management as well as more efficient and faster financial, risk and regulatory reporting through improved data sourcing.
Paul Thwaite, CEO of NatWest Group, 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 revolutionise how we serve our customers through the use of AI and other technologies in order to provide more personalised products and services as a trusted partner in the moments that matter most."
Julie Sweet, Chair and CEO of Accenture, said: "NatWest has a bold vision to use the power of its data to seamlessly tie together its products, channels and customer touchpoints—a major step forward in making banking easier for its customers and providing them with more personalised experiences. We are excited to partner with NatWest and AWS and bring our deep industry experience and data and AI expertise to this reinvention, which will increase efficiency, drive greater productivity and create value. Together, we will help NatWest raise the bar for how banks can use data and AI to better serve customers and reach new levels of performance."
Matt Garman, CEO of AWS, said: "NatWest is working with AWS and Accenture to bring together banking data to better serve customers. Using AWS's deep and extensive experience in financial services technology, NatWest is setting new standards in banking as a more agile, customer-focused bank. Their AI-enabled platform will deliver the agility, security, and reliability needed to deepen customer relationships and drive growth. This exemplifies how forward-thinking financial institutions work with AWS to solve real problems and innovate at scale."
Supporting video content from NatWest, Accenture and AWS can be found here.
Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "aspires," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," "goal," "target" and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance nor promises that goals or targets will be met, and involve a number of risks, uncertainties and other factors that are difficult to predict and could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, that the use of AI could harm our business, damage our reputation or give rise to legal or regulatory action, as well as the risks, uncertainties and other factors discussed under the "Risk Factors" heading in Accenture plc's most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture's expectations.
About Accenture
Accenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 791,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. Our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at accenture.com
About Amazon Web Services
Since 2006, Amazon Web Services has been the world's most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 117 Availability Zones within 37 geographic regions, with announced plans for 13 more Availability Zones and four more AWS Regions in Chile, New Zealand, the Kingdom of Saudi Arabia, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's Most Customer-Centric Company, Earth's Best Employer, and Earth's Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
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Alexandra Dee
NatWest Group
+44 7967 865 819
[email protected]
Andy Rowlands
Accenture
+44 7952 594784
[email protected]
Naomi Little
Amazon Web Services
+1 771 233 2089
[email protected]
