Every new technology creates new possibilities. The real growth test for any economy is whether businesses can turn them into something customers genuinely value.
As this report shows, AI is already changing customer behaviour, with people increasingly using it to inform everyday decisions. And as their familiarity with it grows, customers want services that are simpler, more personalised and responsive than ever. At the same time, they continue to value human accountability and the confidence that comes from knowing there is someone to turn to when they need it.
At NatWest, our relationships have been built for many years by colleagues in our branches, contact centres and Accelerator, as well as by those working with our customers in communities right across the UK. These are the places where trust is cultivated over time: through great experience, deep local knowledge and the judgement colleagues bring to moments that matter.
But AI can make these relationships even stronger. It raises the bar for what is possible. AI provides greater memory, context and foresight – joining the dots across every customer interaction or spotting signals in vast amounts of data in a way no individual could. The relationship of the future will combine AI with human judgement, so colleagues can offer the right support, exactly when it’s needed.
As customer expectations grow, businesses will need to think differently about trust too. A lot of AI commentary treats trust as a security measure or a ‘do no harm’ guardrail for how new technology is used. But I believe trust will become a defining competitive advantage.
The AI era will demand a greater level of transparency and give customers more choice than ever before. Great customer experiences will be the future foundation of trust. The businesses that use AI to serve customers better, while giving them confidence in how it is being used in their interest, will be the ones to win.
That points to a wider lesson for business. The AI growth opportunity is often described in terms of technology, but this report shows the real value lies in how businesses can redesign services and operations – and that redesign starts with the customer.
History offers a useful perspective. It shows that economic growth hasn’t materialised simply because new technology came into existence. What matters is adoption - how it is actually used in to benefit the customer. Electricity transformed productivity when factories and production lines were redesigned around it – making better quality goods available to customers at lower prices. Over a century later, computers and then smart phones changed the way we lived. But they truly sparked growth when businesses reorganised their operations around new customer expectations of convenience and immediacy.
What feels different today is the speed of change. The rapid development of AI means the time businesses have to adapt is getting shorter. The opportunity is great, but so is the risk of businesses being left behind. Whilst AI use is widespread, our research highlights that many smaller businesses remain in the early planning or experimental stages of adoption, lacking the same access to investment, skills and specialist partnerships that larger firms benefit from. Closing this gap is critical for UK growth.
As the UK’s No.1 bank for business, serving over 20 million personal customers, NatWest has a dual role to play in the country’s AI adoption. First in our own business, where opportunity starts with the customer, not the technology. We’ve of course built the technical foundations; equipping our 60,000 colleagues with AI tools and training and establishing a world leading Chief AI Research Office to keep us at the forefront of emerging developments, alongside a dedicated Responsible AI team. But, most importantly, we are redesigning how the bank works, in service of the customer. Bringing together the strengths of AI, with the expertise and judgement of our colleagues, so we can build the trusted relationships that set NatWest apart well into the future.
Our role as a trusted partner extends beyond our own customers. It is also to help create the conditions and connections for growth in the real economy. A bank today cannot just finance the AI opportunity – we have to use our expertise, partnerships and convening power to help businesses of every size, in every part of the UK, to adopt, adapt and grow with confidence.
