TORONTO, Jan. 9, 2025
/CNW/ - RBC (TSX: RY) (NYSE: RY) today announced it has
partnered with Cohere, a leader in security and
privacy-focused enterprise AI, to co-develop and securely deploy an
enterprise generative AI (genAI) solution optimized for financial
services. The platform, called North for Banking, will
integrate with RBC's and Cohere's own proprietary foundation
models, as well as RBC's internal platforms with the goal to
accelerate the development of genAI solutions at RBC securely and
efficiently. This collaboration leverages the expertise of each
organization to develop more accurate and verifiable models, with a
focus on risk and security features to protect companies in the
financial services industry.
"RBC is on a path to redefine what a bank is capable of, and AI
will play an important role in our future success," said Dr.
Foteini Agrafioti, senior vice president, RBC Borealis and chief
science officer, RBC. "With its globally recognized enterprise AI
expertise, Cohere is an ideal partner for us as we build upon
almost a decade of AI investment and a strong commitment to
responsible AI principles, to continue to innovate and harness the
potential of genAI with our clients' safety and security at the
forefront."
"We're excited to work with RBC to co-develop North for Banking,
a customized version of our new secure AI workspace platform for
the financial services industry," said Ivan
Zhang, a co-founder of Cohere, "North for Banking will be an
end-to-end AI solution that financial industry firms can seamlessly
integrate to increase workforce productivity and operational
efficiency. By prioritizing security and data privacy protections,
companies can have peace of mind as they deploy it internally at
scale."
"We are already seeing the positive impact of genAI
technology in applications we've put into production, including in
our advice centre, where we are using this technology internally to
support advisors to answer client questions faster and with greater
detail, and in our Capital Markets business, where it's used to
enhance productivity and streamline workflows of research
analysts," says Agrafioti. "Cohere is unique among its
commercial peers in providing the level of flexibility and
collaboration that we need to take the next step in our AI journey
and increase productivity across the enterprise. We look forward to
exploring deployment of this solution in various use cases over the
next several months."
RBC recently ranked #1 in Canada and third globally for artificial
intelligence (AI) maturity among 50 global financial institutions
in the Evident AI Index. The Index scores financial
institutions across four key pillars: Talent, Innovation,
Leadership and Transparency.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 98,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank and one of the largest in the world, based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our more
than 18 million clients in Canada,
the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/peopleandplanet.
For more information, please contact:
Louise Armstrong, RBC Corporate
Communications
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SOURCE RBC
