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Natwest trials artificial intelligence compliance technology

Natwest has collaborated with London-based fintech firm Recordsure to trial artificial intelligence (AI) technology that can monitor information provided during regulated customer conversations.

The technology records face-to-face and telephone conversations and later encrypts and uploads the recording to a secure cloud in real time. Disconnection of the microphone or a long period of silence triggers an alert.

The technology assesses an interaction and then classifies sections of the interaction, such as identifying financial advice portions and general conversation. Both customers and employees are allowed to listen back to the conversations that are stored on servers.

The bank is currently testing the technology with some of its mortgage advisers, with plans on to apply the technology in its other areas later on.

Les Matheson, CEO of Personal and Business Banking at NatWest, said: “Last year we scrapped bonuses for frontline staff so customers would know our advice was based on their needs, not commission. This trial goes even further and we look forward to seeing how it can improve the service we provide.”

 

 

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