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Artificial intelligence (AI) is one of the most transformative technologies in the world, and Canada is playing a leading role in its global implementation. The country has a rich history of AI innovation, world-class post-secondary education programs, local AI pioneers, and some of the world’s top AI researchers (in 2022, Canada produced more AI publications per capita than any other G7 country).
Today, Canadians are being asked more than ever to share their ideas and advice on how organizations can embrace this technology. A recent Statistics Canada survey found that one in seven businesses are already using or planning to use generative AI by the first quarter of 2024.
Many are taking a measured approach, especially those in highly regulated industries like financial services.
“AI provides us with a powerful set of tools that help us shape the world in ways that align with our clients, colleagues and communities,” said Andrea Barrack, Senior Vice President, Corporate Citizenship and ESG at RBC. “That’s a key reason why RBC is so focused on how these tools are designed and developed. When they reflect the people and places we serve, we’re better equipped to make a positive and lasting impact on their lives.”
RBC ranked in the The first three in AI maturity among 50 global financial institutions and was ranked number one in Canada in the Evident AI 2023 Index.
In 2016, RBC recognized the potential of AI by launching its Borealis AI Research Centre. The centre recently presented its latest research at the International Conference on Learning Representations (ICLR), which focuses on cutting-edge research on deep learning used in AI.
Having a dedicated AI research centre has helped the bank better understand client needs, deliver personalized experiences and optimize operations. This has led to product innovations such as Aiden, an AI-powered electronic trading platform for RBC’s Capital Markets division. Another innovation called NOMI uses data-driven insights to help clients manage their daily finances, providing personalized trends, alerts and insights based on spending and saving habits.
These tools were developed as part of RBC’s Responsible AI and are focused on privacy, fairness, defense against security risks, transparency and accountability.
As use cases for generative AI are being explored, RBC remains committed to upholding the highest standards for its clients and employees. RBC has published Responsible AI Principles, which have been included in its ESG Progress Report 2023 as part of the bank’s commitment to social and governance factors impacting the business and customers.
Dr. Foteini Agrafioti, Senior Vice President, Data & AI and Chief Scientific Officer, RBCProvided
RBC’s focus on ethical AI also helps it attract top AI talent. “The ability to have a meaningful and respectful impact on the world through AI makes us a prime candidate for attracting top talent. They value our ethical environment as they develop their models and push the boundaries of science,” says Dr. Foteini Agrafioti, Senior Vice President, Data and AI and Chief Science Officer, RBC.
Committed to maintaining Canada’s reputation for excellence in artificial intelligence, RBC recruits from diverse Canadian post-secondary programs and provides students and recent graduates with real-world technology experience and opportunities. Amplify ProgramFor example, students are helping to develop solutions to bold business challenges identified by top RBC leaders, many of which are focused on AI.
RBC also remains committed to partnering with other AI-focused organizations, accelerators and associations to ensure AI development continues to advance in Canada.
Tony Gaffney, President and CEO of the Vector InstituteProvided
“Our partnerships allow us to work with some of Canada’s greatest minds in AI and machine learning, and help Canada maintain a leadership position in the field,” says Dr. Agrafioti.
This includes a partnership with the Vector Institute for Artificial Intelligence, which enables researchers, businesses and governments to responsibly develop and adopt AI. Tony Gaffney, president and CEO of the Vector Institute for Artificial Intelligence, says this will serve both curiosity-driven and applied research.
“This partnership helps us achieve our mission to be best-in-class in the use of AI, support Canadian AI innovation, and foster talent to sustain a community of problem solvers,” says Gaffney.
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