Wendy Redshaw leads the charge in digital innovation as the chief digital information officer at NatWest Retail Bank. With a solid track record in technology transformation at major financial institutions, she joined NatWest in late 2018, excited about the potential for digital change.
Having spent four years as the CIO of collaborative technology at Deutsche Bank, Wendy was ready for a new challenge in the UK finance sector. NatWest was in a perfect position for transformation, and she believed she could make a difference. “The role allowed me to think about how to make a real impact,” she explains. When she moved into the CDIO role in February 2020, she aimed to integrate technology into the bank’s core operations. “We wanted a partnership approach between business and technology,” she says.
Redshaw oversees a significant shift in banking services today compared to when she started as a software engineer in 1987. Back then, it was all about making transactions easier and safer, rather than anything we now refer to as digital. Today, she emphasizes that digital services are increasingly empowering retail customers.
With a team of 4,500 people under her leadership, Redshaw is on a mission to simplify the banking experience. NatWest plans to invest £3.5 billion from 2023 to 2025, focusing 70% on data and technology to enhance services for 10.9 million digitally active customers. In 2024, she led the launch of a retail banking app for Apple’s Vision Pro virtual reality headset.
One of her standout achievements is incorporating generative AI into the bank’s chatbot, Cora. Originally introduced in 2017, Cora could answer basic questions, but by 2024, she evolved into Cora+, harnessing advanced AI capabilities. “This technology has significantly improved customer satisfaction,” Redshaw says proudly.
Wendy emphasizes a collaborative approach with IBM to develop tools like Cora+. The intention is to remain flexible with AI models, ensuring that NatWest can adapt to changing business needs without becoming dependent on a single provider. “It’s about choosing the best technology to deliver real value,” she adds.
Beyond Cora+, NatWest is exploring AI’s potential in various areas, including a digital legal assistant powered by GenAI, which improves contract management and enhances accessibility. Redshaw’s team is dedicated to rolling out thousands of updates each year, balancing small projects with broader initiatives, relying on IBM as a crucial partner in this journey.
Reflecting on the pace of change, Redshaw recognizes that the digital landscape is constantly evolving, and predicting the future is challenging. Yet, she sees exciting possibilities on the horizon. For instance, Cora may soon handle voice calls directly, allowing customers to interact with their bank in a more personal way. Additionally, there’s potential for incorporating Cora into ATMs, breaking new ground in customer engagement.
As mobile banking becomes more ingrained in daily life, Redshaw envisions a future where NatWest can offer richer, more personalized experiences through users’ devices. Her determination to push boundaries and innovate continues to drive NatWest’s digital transformation.