RBC maintains strong AI leadership position in financial services

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RBC maintains strong AI leadership position in financial services /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } Canada NewsWire 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 &#x...

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