RBC partners with Cohere to develop AI financial platform
Jan 09, 2025 - financialpost.com
The Royal Bank of Canada (RBC) has partnered with Cohere Inc. to develop generative artificial intelligence (AI) products aimed at enhancing productivity and efficiency in the financial industry. This collaboration will leverage Cohere's North AI workspace to create a customized platform that addresses the security and privacy needs specific to finance. RBC, which ranks third globally in AI adoption within the banking sector, already utilizes AI for customer service, staff guidance, and research productivity. The partnership aims to produce more accurate and verifiable AI models with a focus on risk and security.
Cohere co-founder Ivan Zhang notes that the new platform will significantly boost productivity and efficiency for financial firms. RBC's use of AI is part of a broader trend in the banking sector, with institutions like Toronto-Dominion Bank also employing AI to assist call center staff. The collaboration underscores the increasing integration of AI tools in financial services, as evidenced by RBC's high global ranking in AI maturity and adoption.
Key takeaways:
RBC has partnered with Cohere Inc. to develop generative AI products for the financial industry, focusing on risk and security.
The collaboration will utilize Cohere's North AI workspace to create a customized version for finance, addressing the industry's security and privacy needs.
RBC is ranked third globally in AI adoption and maturity in the banking sector, ahead of other Canadian banks.
The new AI platform aims to increase productivity and efficiency for financial industry firms.
