RBC Wants to Adapt Generative AI to Financial Services

The revolution of theartificial intelligence Its deployment in financial services has been ongoing for several months now. In the face of this democratisation of technology, however, some actors are currently asking themselves the question of the risks that may arise from such democratisation. Among the solutions, RBC is now committed to tailoring general AI solutions more specifically to the needs of financial services, including their security.

FACTS

• RBC has just formalized its new partnership with a general AI specialist, Cohere.

• Their joint work will have to focus on the development and deployment of a technology solution of artificial generative intelligence specifically adapted to the needs of the banking industry. Named North for Banking, the solution highlights its ambitions and its target, that of companies operating in the financial services market.

• In particular, this platform will have to respond specifically to the sector's security requirements and financial services constraints with respect to privacy. Presented as a private facility, it will have to operate offline, and will train on RBC and Cohere data.

ISSUES

• Ensuring sovereignty RBC chose Cohere as its partner because the technology company is a Canadian multinational with a Toronto-based head office (and a second in San Francisco). Their joint work is in any case aimed at ensuring the security but also the sovereignty of the data processed by Cohere for the bank.

• Sharing expertise North for Banking will integrate the development models of RBC and Cohere. The two partners state that their association of expertise should speed up the development of an efficient and appropriate generic AI solution for the banking sector. At the heart of their work is the development of models focusing on risk management and the safety of financial services companies.

• To be a reference RBC relies on Cohere's popularity and its status as an industry specialist to engage today in the deployment of a new AI solution. North for Banking aims to establish itself, in terms, as a benchmark offer for financial services companies wishing to deploy the latest technologies in their process safely. RBC justifies its legitimacy on the theme by highlighting its first place in Canada and its third world place among 50 most mature financial institutions on the theme of artificial intelligence (in the index rankings) AI Clear).

PERSPECTIVE

• The positioning of financial institutions in deploying general AI technologies within their services is inevitable to date. The technology makes it possible to optimize processes at all levels of organizations. Different financial institutions even show that practices are increasing at a steady pace.

• However, the associated risks remain real. Among them, hallucinations generated by AI models, these incorrect or misleading results. To combat this phenomenon, other banking organizations are positioning themselves ahead of RBC's current initiative.

• The most recent is that of the Spanish bank BBVA, particularly involved in the deployment of artificial intelligence technologies in banking processes. She come to strengthen its association with IBM Research in order to test artificial intelligence and to measure precisely the impact of distorted biases and results on discrimination.

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