Royal Bank of Canada (RBC) partners with Cohere Inc. to develop a customized generative AI platform for financial services, marking a first for Canadian banks. The platform, North for Banking, will empower employees to complete tasks, find information, and address customer needs more efficiently.
Royal Bank of Canada (RBC) and artificial intelligence (AI) company Cohere Inc. are collaborating to develop a bank-wide generative AI platform for financial services . This marks a significant step for Canadian banking, as RBC asserts it is the first Canadian bank to implement such a platform. While Canadian banks have increasingly adopted AI for operational efficiency, generative AI has largely been confined to specialized applications or pilot programs.
Cohere, a Toronto-based company, is partnering exclusively with RBC to customize and deploy its new generative AI platform, North for Banking. This platform will empower employees to complete tasks, find information, and address customer-specific needs. Generative AI allows employees to input context about individual or client circumstances, enabling the platform to solve problems and provide tailored advice. Dr. Foteini Agrafioti, RBC Borealis senior vice-president and chief science officer, emphasized the platform's focus on employee workflows and handling sensitive client data securely. RBC has been internally testing generative AI in niche applications, such as customer service centers to expedite response times and capital markets to assist research analysts. This initiative highlights RBC's commitment to leveraging AI to enhance its services and operations. Cohere, founded in 2019, specializes in building large language models (LLMs) that power chatbots and generative AI platforms. These models analyze text and media to generate responses, and businesses can tailor North for Banking to their specific requirements, such as policy review, question answering, and process automation. RBC's investment in generative AI reflects a broader trend among financial institutions. Other major banks, including JPMorgan Chase and BBVA, have also explored generative AI applications. However, regulators have raised concerns about potential privacy breaches associated with generative AI. In response to these concerns, RBC is prioritizing data security by running the platform internally within its data centers, minimizing reliance on cloud platforms. This approach ensures that all data is processed and stored securely within RBC's controlled environment, mitigating risks and addressing regulatory concerns
Finance Generative AI Royal Bank Of Canada Cohere Financial Services AI Platform Data Security Canada
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