Royal Bank of Canada (TSX:RY) (RBC) announced that it is partnering with private AI firm Cohere to develop an AI platform for financial services.
The company said the platform, called North for Banking, will integrate with RBC's and Cohere's proprietary foundation models, as well as RBC's internal platforms, aiming to securely and efficiently accelerate the development of generative AI solutions at the bank.
"RBC is on a path to redefine what a bank is capable of, and AI will play an important role in our future success," RBC chief science officer Dr Foteini Agrafioti said in a statement.
"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."
Ivan Zhang, Cohere co-founder, expressed excitement at working with RBC to co-develop North for Banking.
"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,” Zhang said. “By prioritizing security and data privacy protections, companies can have peace of mind as they deploy it internally at scale."
Shares of RBC edged lower on Tuesday, down 0.1% at C$174.67 late morning.