North for Banking integrates AI solutions with a focus on security and privacy protections
RBC has partnered with Cohere, a company specializing in security and privacy-focused enterprise AI, to co-develop North for Banking.
This generative AI (genAI) platform will be optimized for financial services and integrated with RBC’s proprietary foundation models and internal systems.
The initiative focuses on accelerating genAI solutions at RBC while prioritizing security and efficiency.
The collaboration aims to create models that are both accurate and verifiable, with strong risk management and security features designed to protect financial services firms.
According to Foteini Agrafioti, senior vice-president at RBC Borealis and Chief Science Officer at RBC, “RBC is on a path to redefine what a bank is capable of, and AI will play an important role in our future success.”
She stated that Cohere's globally recognized enterprise AI expertise makes it an ideal partner for RBC as the bank builds on nearly a decade of AI investment and its commitment to responsible AI principles.
Agrafioti emphasized the focus on innovating with generative AI while prioritizing clients' safety and security.
Cohere co-founder Ivan Zhang described the platform’s design, stating, “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.”
He also emphasized that by prioritizing security and data privacy protections, companies can confidently deploy the solution internally at scale.
RBC has already implemented genAI applications in its advice centre to help advisors respond to client questions more quickly and in greater detail. The technology is also being used in its Capital Markets division to improve productivity and streamline research workflows.
Agrafioti noted, “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.”
She also highlighted its use in RBC's Capital Markets business to enhance productivity and streamline workflows for research analysts.
Agrafioti emphasized Cohere’s collaborative approach, stating, “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.”
She added that they look forward to exploring the deployment of this solution in various use cases over the next several months.
RBC recently ranked first in Canada and third globally for AI maturity among 50 global financial institutions in the Evident AI Index.
This index evaluates institutions across four areas: talent, innovation, leadership, and transparency.
