Artificial intelligence (AI) is one of the most transformative technologies in the world – and Canada is playing a leading role in its global implementation. This country has a rich history of AI innovation, world-class postsecondary programs, homegrown AI pioneers and many of the world’s top AI researchers (in 2022 Canada produced more AI publications per capita than any other G7 country).
Now, Canadian voices are more in demand than ever to share insights and advice on how organizations can move forward to adopt this technology. A recent Statistics Canada survey revealed that one in seven businesses were already using or had plans to use generative AI in the first quarter of 2024.
Many are taking a measured approach, especially those in highly regulated sectors such as financial services.
“AI presents us with a powerful set of tools to help shape the world in a way that aligns with our clients, colleagues and communities,” says Andrea Barrack, senior vice president, Corporate Citizenship and ESG at RBC. “That’s a big reason why RBC cares deeply about how these tools are designed and developed. When they reflect the people and places we serve, we are better equipped to make positive and long-lasting impact in their lives.”
RBC ranked in the top three for AI maturity among 50 global financial institutions, and was number one in Canada in the 2023 Evident AI Index.
Back in 2016, RBC recognized the potential of AI when it launched 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 to better understand client needs, deliver personalized experiences and drive more effective operations. That has resulted in product innovations such as Aiden, an AI-powered electronic trading platform for RBC’s Capital Markets business. Another innovation called NOMI uses data-driven insights to help clients manage their everyday finances, providing personalized trends, alerts and overviews based on spending and saving habits.
These tools were developed within RBC’s responsible AI framework. It focuses on privacy, fairness, defence against security risks, transparency and accountability.
With generative AI use cases now being explored, RBC remains committed to upholding the highest standards for client and employees. RBC has published responsible AI principles, which were included in its 2023 ESG Progress Reportas part of the bank’s commitment to the social and governance factors impacting the business and clients.
RBC’s focus on ethical AI is also helping it to attract top AI talent. “The ability to impact the world meaningfully and respectfully through AI makes us a top contender for high-level 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 & Chief Science Officer, RBC.
Committed to Canada’s reputation for AI excellence, RBC recruits from a variety of Canadian postsecondary programs and provides students and new graduates with hands-on, real-world technology experience and opportunities. In the summer Amplify Program, for example, students help develop solutions for bold business challenges identified by RBC’s top leaders, many of which have an AI focus.
RBC also remains committed on partnering with other AI-based organizations, accelerators and associations to ensure the development of AI continues moving forward in Canada.
“Our partnerships enables us to work with some of Canada’s leading minds in AI and machine learning, and help Canada maintain a leadership position in the field,” says Dr. Agrafioti.
That includes a partnership with the Vector Institute for Artificial Intelligence, which empowers researchers, businesses and governments to develop and adopt AI responsibly. Tony Gaffney, president and CEO of the Vector Institute for Artificial Intelligence, says that will serve both curiosity-driven and applied research.
“This partnership helps us realize our mission to be the best in class at the use of AI, support Canada’s innovation in AI and foster talent to maintain a community of problem-solvers,” says Mr. Gaffney.
Advertising feature provided by RBC.