Royal Bank of Scotland gets Watson-based chatbot

The Luvo chatbot will free advisors from spending time on simple, easily-addressed queries.

Customers of Royal Bank of Scotland's NatWest will soon get a chance to have their questions answered by an artificial intelligence chatbot. Starting December, around 10 per cent of the bank's users that use webchat, will be able to talk to Luvo, an AI chatbot based on IBM's Watson supercomputer.  

The two companies said implementing Luvo will improve customer experience, as customers will get the answers to some of the more common questions in an instant. Things like ‘How do I authorise my card to be used overseas?’ or ‘How do I update my home address with the bank’? will be handled by Luvo, while for more complex issues, it will redirect the user to a human. The pilot, starting December, is the next step in evolution, following a two-month trial among Royal Bank of Scotland and NatWest's 1,200 users. 

“Luvo frees advisors from spending time on simple, easily-addressed queries so they can help customers with more complex issues and questions,” says Jane Howard, Head of Personal Banking, NatWest and Royal Bank of Scotland.  

“As this cognitive system continues to learn overtime, Royal Bank of Scotland and NatWest will be able to expand Luvo’s capabilities to more complex areas such as providing increased personalisation and using predictive analytics to detect possible issues before they arise to make a recommended course of action,” says Chris Withers, Europe Head of Financial Services for Watson Solutions from IBM. “Luvo is a great example of how IBM Watson can be used to augment the intelligence of employees and improve the experience of customers.”   

Image Credit: Michael Dain / Flickr