Royal Bank of Canada has teamed with AI vendor Cohere to co-develop a security and data privacy application using generative AI.
The platform, called North for Banking, will integrate with RBC's and Cohere's own proprietary foundation models to deliver an application fine-tuned for the financial services industry.
"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," says 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."
RBC recently ranked #1 in Canada and third globally for artificial intelligence (AI) maturity among 50 global financial institutions in the Evident AI Index.
Foteini Agrafioti, senior vice president, RBC Borealis and chief science officer, RBC says the bank is on a path to reshape its business using Generative AI.
"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," he says. "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."