RBC maintains strong AI leadership position in financial services
RBC maintains strong AI leadership position in financial services |
[17-October-2024] |
Ranks #3 overall and #1 in Canada for AI maturity out of 50 global banks TORONTO, Oct. 17, 2024 /CNW/ - RBC (TSX: RY) (NYSE: RY) has ranked in the top three for the third straight year for artificial intelligence (AI) maturity among 50 global financial institutions in the Evident AI Index. The Index, first issued by AI benchmarking and intelligence platform Evident in January 2023, scores financial institutions across four key pillars: Talent, Innovation, Leadership and Transparency. RBC was one of only two banks to rank in the top 10 across all four pillars and improved its year-over-year ranking in the two heaviest-weighted pillars – Talent and Innovation. New AI training initiatives for employees helped increase RBC's ranking in the Talent pillar year over year. And the bank's strong showing in the Innovation pillar was boosted by ongoing AI partnerships and their impact. "We're on a journey to redefine what a bank can do, and tapping into the full potential of transformational technologies like AI is a big part of that," says Dave McKay, president and CEO, RBC. "RBC remains committed to building innovative, leading-edge solutions that deliver insightful and personalized client experiences, and have a meaningful impact in our clients' lives. Our leadership position in the Evident AI Index reflects that. Congratulations to all the employees and teams who continue to play a role in our AI journey." RBC was an early adopter of AI with the 2016 launch of Borealis AI, a research institute that develops novel AI solutions addressing some of the most fundamental challenges in financial services. As AI technology has evolved, it has become a core strategic enabler for insights as to how we run our business. "We believe that AI has the potential to change what a bank is capable of," said Dr. Foteini Agrafioti, SVP, Data & AI and chief science officer, RBC. "Our responsible and ethical approach to AI is helping to simplify and digitize client interactions with us – saving time, enhancing security, adding convenience and reducing the anxiety they may have about their financial futures. We're pleased to receive this recognition by Evident Insights for our ongoing AI work." A responsible and ethical approach Innovation-led product development
These products are in addition to NOMI, a suite of capabilities that use data-driven insights to help clients stay on top of their finances; and Aiden, an AI-powered electronic trading platform built for our global clients. Aiden applies deep reinforcement learning to the constantly changing environment of equities trading. Preparing employees for the future RBC Technology's annual Catalyst Conference brings together thousands of employees over two days for learning and inspiration with the 2024 session featuring more than 25 AI presentations and workshops. And Amplify, an immersive summer innovation program where students in the later years of their postsecondary education experience the opportunity to put their skills to the test to build a theoretical product that could solve tough business challenges, many of which involve solutions that use AI models. About RBC We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet. For more information, please contact: SOURCE RBC | ||
Company Codes: NYSE:RY, Toronto:RY |