NatWest announced it will use AI to predict financial market patterns following its collaboration with Microsoft and DreamQuark.
The new platform, Next Generation Complex Analytics, will use AI to imitate financial markets. Following this, staff will evaluate suggestions made and decide whether they would lead to better financial performance.
Kevin Hanley, Director of Innovation and Solutions at NatWest, said: “By allowing us to better predict future outcomes, risks and trends, the implementation of this technology could be of significant value to our customers and shareholders over the coming years. For the first time we’ll be able to deliver an aggregated, forward looking view of the world around us, ultimately helping us build a stronger, safer bank.”
AI: the newest trend in finance
This comes as AI is a big topic of discussion within the financial world. Microsoft’s AI report revealed that firms using AI perform 11.5% better than those not using it.
Cindy Rose, Chief Executive at Microsoft UK, said: “AI is the engine of the fourth industrial revolution. It has the potential to fundamentally transform how entire industries operate. Therefore, delivering greater value to organisations, employees, customers and society as a whole.
“NatWest’s ambition to harness this technology to deliver more sophisticated insights, boost performance and reduce risk is an excellent example of the transformative powers that AI offers.”
NatWest and Microsoft previously worked together to create an AI-assisted chatbot and data warehouse to improve speed and accuracy.
François de Lescure, Chief Sales and Marketing Office at DreamQuark, said: “We are thrilled to work with NatWest and Microsoft. DreamQuark’s mission is to facilitate the high-scale production of trusted AI solutions, on which banks and insurance companies can rely to solve concrete challenges and generate new revenues. We are excited by this promising new partnership, establishing a solid base for our further expansion in the UK market.”