RBC Partners with Cohere to Develop Secure Generative AI Platform for Financial Services

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

, /PRNewswire/ - RBC (TSX: RY) (NYSE: RY) today announced it has partnered with Cohere, a leader in security and privacy-focused enterprise AI, to co-develop and securely deploy an enterprise generative AI (genAI) solution optimized for financial services. The platform, called North for Banking, will integrate with RBC's and Cohere's own proprietary foundation models, as well as RBC's internal platforms with the goal to accelerate the development of genAI solutions at RBC securely and efficiently. This collaboration leverages the expertise of each organization to develop more accurate and verifiable models, with a focus on risk and security features to protect companies in the financial services industry. "RBC is on a path to redefine what a bank is capable of, and AI will play an important role in our future success," said Dr. Foteini Agrafioti, senior vice president, RBC Borealis and chief science officer, RBC. "With its globally recognized enterprise AI expertise, Cohere is an ideal partner for us as we build upon almost a decade of AI investment and a strong commitment to responsible AI principles, to continue to innovate and harness the potential of genAI with our clients' safety and security at the forefront." "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," said , 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." "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," says Agrafioti. "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." RBC recently ranked #1 in and third globally for artificial intelligence (AI) maturity among 50 global financial institutions in the Evident AI Index. The Index scores financial institutions across four key pillars: Talent, Innovation, Leadership and Transparency. About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As 's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in , the and 27 other countries. Learn more at rbc.com. We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

RBC partners with Cohere on AI financial platform

TORONTO -- RBC says it has partnered with Cohere Inc. to develop generative artificial intelligence products for the financial industry. It says the partnership will help create more accurate and verifiable models with a focus on risk and security. Toronto-based Cohere says the collaboration will use its newly launched North AI workspace to build a customized version for finance that will meet the security and privacy needs of the industry. Ivan Zhang, a co-founder of Cohere, says the new platform will help financial industry firms increase productivity and efficiency. RBC says it already uses AI in customer service, staff guidance, and to help the productivity of research analysts in its capital markets business, while TD says it uses AI to help its call centre staff. Last October, Evident AI ranked RBC as third globally in the banking sector on AI adoption and maturity, while TD was ranked ninth and Scotiabank, CIBC and BMO came in the low 20s. This report by The Canadian Press was first published Jan. 9, 2025.

RBC Teams Up with Cohere For GenAI Financial Solutions: Details - Royal Bank of Canada (NYSE:RY)

Platform aims to enhance productivity and efficiency with security and data privacy measures. Royal Bank Of Canada RY disclosed its partnership with Cohere to co-develop a generative AI solution tailored for financial services. Cohere is a security and privacy-focused enterprise AI. The companies aim to create a secure generative AI platform called North for Banking. North for Banking will integrate with both RBC's and Cohere's proprietary models, as well as RBC's internal platforms. The solution will use both companies' AI models and RBC's internal systems to speed up AI development, focusing on improving security and risk management for the financial sector. Cohere co-founder Ivan Zhang stated that North for Banking is a complete AI solution designed to help financial firms boost productivity and efficiency. With a strong focus on security and data privacy, companies can confidently adopt the platform on a large scale. Royal Bank of Canada plans to host an Investor Day on Thursday, March 27, 2025, with presentations given by CEO Dave McKay and other management team members. Investors can gain exposure to the stock via ETF Opportunities Trust Brendan Wood TopGun Index ETF BWTG. Price Action: RY shares closed higher by 0.28% at $121.67 on Wednesday. Read Next: Justin Trudeau Will Step Down As Canada Faces Tension Over Trump Tariffs Photo via Shutterstock. This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs