NatWest Unveils AI Tool to Boost ESG Data for SMEs

NatWest, a prominent bank, has introduced an innovative AI solution to enhance Environmental, Social, and Governance (ESG) data for small to medium-sized businesses (SMEs). This move aims to bolster the bank’s data management strategy and provide crucial support to businesses that may struggle to find such assistance elsewhere.

The bank has integrated ESG data into its extensive data management system and is committed to maintaining its robustness and flexibility. NatWest is now using artificial intelligence (AI) to connect individual customers and properties with relevant ESG and other essential information. For new loans, advanced mapping techniques are used to link them with environmental insights. However, older loans pose a challenge due to gaps or inaccuracies in the original data, and AI is seen as the solution.

NatWest’s approach involves the integration of machine learning (ML) and AI to handle its vast “Back Book,” which includes numerous loans and mortgages. This AI tool is designed to sift through large volumes of data, providing clarity and precision. ESG data integration is a challenge faced by banks globally, with each sector, such as business, retail, or mortgage lending, requiring a unique approach due to regulations and consumer preferences. Many banks are turning to cloud-based data management to streamline the processing of ESG data.