Through a partnership with Microsoft and AI specialist DreamQuark, Natwest is set to leverage artificial intelligence technology to minimise risks to its business and predict future shocks in the financial markets.
Natwest’s new Next Generation Complex Analytics platform will pull in data from various sources and simulate financial markets, transport networks and other environments. The hope is that AI technology will help the company minimise the risk of being affected by a financial crash, and predict any possible issues it may face.
The technology is set to be leveraged so the company can make better lending decisions. The firm was forced to seek a bail out from the UK government during the 2007 financial crash, and it’s hoping that it will avoid a similar situation through the use of AI technology.
Kevin Hanley, director, innovation and solutions, NatWest, says: “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.”