NatWest boss sets out plans to drive more automation across bank
Chief executive Paul Thwaite spoke about plans to simplify how the business was run and reduce costs.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The new boss of NatWest has laid out his plans to drive more automation across the bank, after shrinking its top team and as it prepares to work with a potentially new government to return entirely to private ownership.
Paul Thwaite, who became NatWest’s permanent chief executive in February, said there was a “lot to do” to simplify the business.
His remarks come a day after shadow chancellor Rachel Reeves said Labour had no plans to “deviate” from the Conservative government’s plan to offload its remaining stake in NatWest.
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
Mr Thwaite, speaking at a Goldman Sachs European Financials Conference, 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.”
“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 intention to launch a sale of NatWest shares to the general public this summer was put on ice after the General Election was called for July 4.
It means the retail share offer cannot take place in the run-up to 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 uses artificial intelligence (AI) for features such as its chatbot, named Cora, which handled almost 11 million customer queries last year.
It has also piloted generative AI to help with fraud detection, so reducing losses from scams, and shortening the length of time that complaints are dealt with.
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
The chief executive also spoke about plans to simplify how the business is run, and reduce costs to offset some of the pressures of inflation such as rising staff wages.
The bank trimmed the size of its executive committee in March, from about 15 to 10 members.
Mr Thwaite said simplifying its leadership team would have a “cascading effect” through the bank, speeding up decision making and removing crossover in terms of 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 said.