The Royal Bank of Canada (RBC) has joined forces with AI company Cohere to co-create a sophisticated security and data privacy application leveraging generative AI technology.
The resulting platform, named North for Banking, will combine proprietary foundation models from both RBC and Cohere, tailored specifically for the financial services sector. Ivan Zhang, co-founder of Cohere, expressed enthusiasm about the collaboration: “We’re thrilled to partner with RBC in the development of North for Banking, which is a bespoke iteration of our secure AI workspace platform designed for financial institutions. This end-to-end AI solution will enable firms in the industry to integrate it effortlessly, fostering enhanced productivity and operational efficiency. With an emphasis on security and data privacy, organizations can confidently deploy this technology on a large scale.”
In a recent evaluation conducted by the Evident AI Index, RBC secured the top position in Canada and ranked third globally in AI maturity among 50 leading financial institutions.
Foteini Agrafioti, Senior Vice President of RBC Borealis and Chief Science Officer at RBC, stated that the bank is actively pursuing a transformation through generative AI. “We are already witnessing the beneficial effects of generative AI technologies in applications currently in use, such as our advice center, where this technology assists advisors in providing quicker and more detailed responses to client inquiries. Additionally, in our Capital Markets division, generative AI is enhancing productivity and streamlining workflows for research analysts. Cohere stands out among its commercial counterparts in delivering the adaptability and collaborative spirit we require to advance our AI initiatives and boost enterprise-wide productivity. We eagerly anticipate the deployment of this solution across various use cases in the upcoming months.”