Royal Bank Of Canada (NYSE:RY) disclosed its partnership with Cohere to co-develop a generative AI solution tailored for financial services.
Cohere is a security and privacy-focused enterprise AI. The companies aim to create a secure generative AI platform called North for Banking.
North for Banking will integrate with both RBC's and Cohere's proprietary models, as well as RBC's internal platforms.
The solution will use both companies' AI models and RBC's internal systems to speed up AI development, focusing on improving security and risk management for the financial sector.
Cohere co-founder Ivan Zhang stated that North for Banking is a complete AI solution designed to help financial firms boost productivity and efficiency. With a strong focus on security and data privacy, companies can confidently adopt the platform on a large scale.
Royal Bank of Canada plans to host an Investor Day on Thursday, March 27, 2025, with presentations given by CEO Dave McKay and other management team members.
Investors can gain exposure to the stock via ETF Opportunities Trust Brendan Wood TopGun Index ETF (BATS:BWTG).
Price Action: RY shares closed higher by 0.28% at $121.67 on Wednesday.
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