RBC, Canada's largest bank, has joined forces with Cohere, a leader in security-focused enterprise AI, to develop the next generation of highly secure generative AI (genAI) solutions tailored for the financial services industry. The collaboration, announced on January 9, 2025, aims to accelerate the development of genAI solutions at RBC while prioritizing security and risk management features to protect companies in the financial sector.

The partnership will result in the creation of North for Banking, a customized version of Cohere's new secure AI workspace platform designed specifically for the financial services industry. This end-to-end AI solution will enable financial firms to seamlessly integrate it into their operations, increasing workforce productivity and operational efficiency while maintaining peace of mind regarding data privacy and security.

RBC's decision to partner with Cohere is a strategic move that leverages the expertise of both organizations. RBC, with its decade-long AI investment and commitment to responsible AI principles, brings a deep understanding of the financial services industry. Cohere, as a leader in security and privacy-focused enterprise AI, offers globally recognized expertise in AI development. By combining their proprietary foundation models, they aim to create more accurate and verifiable models tailored to the unique needs of the financial sector.

The collaboration between RBC and Cohere is built upon a strong commitment to responsible AI principles, focusing on fairness, accountability, transparency, and ethical AI development. This commitment ensures that the genAI solutions created through this partnership will minimize potential biases, discriminations, and unintended consequences that may arise from AI deployment.

RBC has already seen the positive impact of genAI technology in various applications, such as supporting advisors in answering client questions faster and with greater detail, and enhancing productivity and streamlining workflows for research analysts in its capital markets business. By partnering with Cohere, RBC aims to take the next step in its AI journey, increasing productivity across the enterprise and exploring various use cases over the next several months.

The partnership between RBC and Cohere is a testament to the growing importance of AI in the financial services industry. As AI adoption and maturity continue to rise, financial institutions are increasingly recognizing the need for secure and responsible AI solutions to protect their clients and maintain their competitive edge. By leveraging the expertise of both organizations, RBC and Cohere are well-positioned to lead the way in developing the next generation of highly secure generative AI solutions for the financial services industry.




In conclusion, the partnership between RBC and Cohere marks an important milestone in the development of secure and responsible generative AI solutions for the financial services industry. By combining their expertise and commitment to responsible AI principles, the two organizations aim to create more accurate and verifiable models that prioritize risk and security features to protect companies and their clients in the financial sector. As AI adoption and maturity continue to rise, this collaboration serves as a reminder of the importance of prioritizing security and responsible AI development in the financial services industry.