RBC's AI private cloud platform is the
first-of-its-kind in Canada to
deliver intelligent software applications and boost operational
efficiency.
TORONTO, July 23, 2020 /CNW/ - Royal Bank of Canada (RBC) and its AI research institute
Borealis AI have partnered with Red Hat and NVIDIA to develop a new
AI computing platform designed to transform the customer banking
experience and help keep pace with rapid technology changes and
evolving customer expectations.
As AI models become more efficient and accurate, so do the
computational complexities associated with them. RBC and Borealis
AI set out to build an in-house AI infrastructure that would allow
transformative intelligent applications to be brought to market
faster and deliver an enhanced experience for clients. Red Hat
OpenShift and NVIDIA's DGX AI computing systems power this private
cloud system that delivers intelligent software applications and
boosts operational efficiency for RBC and its customers.
RBC's AI private cloud has the ability to run thousands of
simulations and analyze millions of data points in a fraction of
the time than it could before. The flexible and highly reliable
self-service infrastructure will allow RBC to build, deploy and
maintain next-generation AI-powered banking applications.
The platform has already improved trading execution and
insights, helped reduce client calls and has resulted in faster
delivery of new applications for RBC clients, and has the potential
to benefit the AI industry in Canada, beyond RBC and financial services.
RBC is proud to have collaborated with Red Hat and NVIDIA to
develop a platform that supports RBC customers while providing the
flexibility for AI-powered client interactions.
Supporting Quotes
Mike Tardif, Senior Vice
President, Tech Infrastructure, Royal Bank of Canada
"In today's ever changing
marketplace, we must always be at the forefront of innovation for
our clients. We are proud to have delivered a unique AI Private
Cloud capability in-house, leveraging our strong collaboration with
Red Hat and NVIDIA. This cloud offers GPU acceleration and
containerized platform benefits, and we are well positioned to
provide the best experience possible for our customers going
forward."
Chris Wright, Senior Vice
President and Chief Technology Officer, Red
Hat
"It is always humbling to see Red Hat
technologies in action, and we are honored to see how it
contributed to the leading AI computing platform that RBC now has.
Together with NVIDIA, OpenShift is helping to power the future of
not just positive customer experience and overall operational
excellence, but is enabling the bank to embark on research projects
that have the potential to make a lasting impact on the world."
Charlie Boyle, Vice President
and General Manager, DGX Systems, NVIDIA
"Before AI can
enable transformative business opportunities, it must first be
integrated as a strategic IT platform. RBC is leading the way in
accelerating AI development through high-performance infrastructure
from NVIDIA and Red Hat. By combining innovative technology with
their expert knowledge in financial services, the RBC team has
created one of the most sophisticated and dynamic AI development
infrastructures in Canada."
Foteini Agrafioti, Chief Science Officer, RBC and head of
Borealis AI
"Modern AI cannot exist without access to high
performance computing. This collaboration means that we can conduct
research at scale, and deploy machine learning applications in
production with improved efficiency and speed to market."
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 84,000+ employees who 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 17 million clients in Canada, the U.S. and 34 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/community-social-impact.
About Borealis AI
Borealis AI is a world-class AI
Research center backed by RBC. Recognized for scientific
excellence, Borealis AI uses the latest in machine learning
capabilities to solve challenging problems in the financial
industry. Led by award-winning inventor and entrepreneur Foteini
Agrafioti, and with top North American scientists and engineers,
Borealis AI is at the core of the bank's innovation strategy and
benefits from RBC's scale, data and trusted brand. With a focus on
responsible AI, natural language processing and reinforcement
learning, Borealis AI is committed to building solutions using
machine learning and artificial intelligence that will transform
the way individuals manage their finances and their futures. For
more information please see: www.borealisai.com.
About Red Hat, Inc.
Red Hat is the world's
leading provider of enterprise open source software solutions,
using a community-powered approach to deliver reliable and
high-performing Linux, hybrid cloud, container, and Kubernetes
technologies. Red Hat helps customers integrate new and existing IT
applications, develop cloud-native applications, standardize on our
industry-leading operating system, and automate, secure, and manage
complex environments. Award-winning support, training, and
consulting services make Red Hat a trusted adviser to the Fortune
500. As a strategic partner to cloud providers, system integrators,
application vendors, customers, and open source communities, Red
Hat can help organizations prepare for the digital future.
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Red Hat, the Red Hat logo and OpenShift are trademarks or
registered trademarks of Red Hat, Inc. or its subsidiaries in the
U.S. and other countries.
SOURCE RBC