RBC and Cohere partner to develop the next generation of highly secure generative AI solutions for financial services

Partnership and AI Development - RBC partners with Cohere to co-develop and deploy a secure enterprise generative AI solution called North for Banking, optimized for financial services [1] - The platform integrates RBC's and Cohere's proprietary foundation models and RBC's internal platforms to accelerate genAI development securely and efficiently [1] - The collaboration focuses on developing accurate and verifiable models with enhanced risk and security features for the financial services industry [1] Strategic Vision and AI Impact - RBC aims to redefine banking capabilities with AI playing a crucial role in future success, building on nearly a decade of AI investment and responsible AI principles [2] - North for Banking is an end-to-end AI solution designed to increase workforce productivity and operational efficiency in the financial industry while prioritizing security and data privacy [2] - RBC has already implemented genAI technology in its advice center and Capital Markets business, improving client service and analyst productivity [2] Industry Recognition and Leadership - RBC ranks 1 in Canada and third globally for AI maturity among 50 global financial institutions in the Evident AI Index, excelling in Talent, Innovation, Leadership, and Transparency [2] Company Overview - RBC is a global financial institution with a diversified business model, serving over 18 million clients across Canada, the U S, and 27 other countries [3] - The company employs over 98,000 people and focuses on innovation and delivering exceptional client experiences [3]