Royal Bank of Canada (RBC) has announced a partnership with Cohere, a leader in security-focused enterprise AI, to co-develop an advanced generative AI solution designed specifically for the financial services sector. The new platform, North for Banking, combines RBC’s internal technologies with Cohere’s proprietary AI models to create a highly secure and efficient tool aimed at accelerating the development of AI solutions within RBC.
A tailored AI solution for financial institutions
The collaboration is built around Cohere’s expertise in security and privacy, key concerns for financial institutions looking to safely integrate AI. North for Banking will integrate with both RBC's and Cohere's foundation models, allowing for a more precise, reliable, and secure AI experience. The platform is tailored to the unique needs of the financial industry, focusing on enhancing security features and mitigating risks, crucial in a sector heavily reliant on sensitive data.
"We are redefining the potential of banks, and AI is central to our strategy," said Dr. Foteini Agrafioti, Senior Vice President at RBC. "Cohere's expertise in enterprise AI makes them the perfect partner to help us advance our generative AI solutions while maintaining the highest standards of safety and security for our clients."
AI solutions already driving productivity
For Cohere, the collaboration with RBC offers an opportunity to customize its secure AI workspace platform for the financial sector. "North for Banking will help firms enhance workforce productivity and operational efficiency, all while ensuring that data privacy and security remain a top priority," said Ivan Zhang, Co-Founder of Cohere.
RBC has already seen success with generative AI, using it internally to improve productivity in areas like its advice center and Capital Markets. The bank is optimistic about expanding these applications, with plans to deploy North for Banking in various use cases in the coming months. RBC’s commitment to AI was recently recognized with a top ranking in the Evident AI Index for AI maturity, solidifying its position as a leader in AI within the financial industry.
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