TORONTO — RBC announces that it has partnered with Cohere Inc. to develop generative artificial intelligence products for the financial sector. It says the partnership will help create more accurate and verifiable models with a focus on risk and safety.
TORONTO — RBC announces that it has partnered with Cohere Inc. to develop generative artificial intelligence products for the financial sector.
It says the partnership will help create more accurate and verifiable models with a focus on risk and safety.
Toronto-based Cohere says the collaboration will use its new North AI workspace to create a customized version for finance that will meet the security and privacy needs of the sector.
Ivan Zhang, co-founder of Cohere, says the new platform will help companies in the financial sector increase their productivity and efficiency.
RBC says it is already using AI for customer service, staff guidance and to improve the productivity of research analysts in its financial markets business, while TD says it is using AI to help the staff of its call center.
Last October, Evident AI ranked RBC third globally in the banking industry in terms of AI adoption and maturity, while TD ranked ninth and Scotiabank, CIBC and BMO ranked in their twenties.
This report by The Canadian Press was first published January 9, 2025.
Companies in this story: (TSX: RY)
The Canadian Press