Royal Bank of Canada (RBC) has collaborated with technology company Cohere to co-develop a secure generative AI (genAI) solution tailored for the financial services sector.
The new platform, dubbed North for Banking, will aim to integrate advanced models and internal platforms to enhance the secure development of genAI solutions at RBC.
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The collaboration aims to develop accurate, verifiable AI models with a focus on risk management and security in the financial services industry, stated RBC.
RBC chief science officer and RBC Borealis senior vice president Dr Foteini Agrafioti said: “With its globally recognised 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”
Cohere’s North platform is designed as a comprehensive, secure AI workspace that enables employees to enhance the speed of their work by automating routine tasks.
It combines language models, search capabilities, and AI agents within a platform, streamlining the integration of AI into daily operations.
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By GlobalDataThe North platform adheres to security and privacy standards, including the capability to operate in private and air-gapped environments, allowing sensitive data to be consolidated securely.
In addition, the North platform allows users to quickly customise and deploy AI agents for tasks such as information retrieval, research, analysis, and managing complex tasks across different business areas and tools.
Cohere co-founder Ivan Zhang said: “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 prioritising security and data privacy protections, companies can have peace of mind as they deploy it internally at scale.”
Last month, RBC reported net income of C$16.2bn ($11.2bn) for the year ending 31 October 2024, an 11% increase from the previous year.
The addition of HSBC Canada boosted net income by C$453m ($314m), with adjusted net income rising 10% year-on-year.
