Natwest boss plans to automate more of the bank's engagement with customers

06 June 2024 , 14:33

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NatWest chief executive Paul Thwaite (Image: No credit)

The boss of NatWest, Paul Thwaite, has revealed plans to increase automation throughout the bank.

This follows a restructuring of top-level management and coincides with preparations for collaboration with a potential new government in order to fully return the bank into private ownership. Incoming from February as NatWest's permanent chief executive, Thwaite admits there is "lot to do" to streamline their operations.

His remarks were made on the heels of Shadow Chancellor Rachel Reeves ' affirmation that Labour has no intention to "deviate" from the Conservative government's scheme to relieve its remaining stake in NatWest. Speaking at the Goldman Sachs European Financials Conference, Thwaite said: "I was encouraged, and we've been engaging with the current opposition quite extensively, that the shadow chancellor earlier this week visited our premises and said she had no plans to deviate from the current plan, which is to sell the whole shareholding down by 2025 to 2026."

He added: "Given the progress we've made ... I'm pretty pleased with the trajectory and we'll hit that plan, irrespective of whether a retail offer happens or not." The Government's initial ambition to begin a public sale of NatWest shares this summer was hindered by the calling of the General Election scheduled for July 4, resulting in retail share offerings being postponed until after the national election.

Mr Thwaite said he wanted to digitise and automate more of the bank’s engagement with customers, which could include reducing the reliance on call centres. NatWest relies on artificial intelligence (AI) for certain features, such as its chatbot named Cora, which took care of nearly 11 million customer queries last year.

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The bank has also tested generative AI to assist in detecting fraud, subsequently reducing scam-associated losses and expediting complaint resolution. He spoke about plans to streamline the business operations and cut costs to counterbalance inflation pressures, including increasing staff wages. NatWest downsized its executive committee in March, from roughly 15 to 10 members.

He said that simplifying the leadership team would have a "cascading effect" throughout the bank, accelerating decisions and eliminating overlapping responsibilities. "While we've made an awful lot of positive progress, I'm still confident there is a fair bit to go on the productivity and efficiency front," he stated.

Lawrence Matheson