RBC joins Massachusetts Institute of Technology's (MIT) CSAIL fintech research initiative on the role of AI in the future of finance
RBC recently announced its ambition to generate $700 million to $1 billion in value derived from AI by 2027 and is recognized as an AI leader in the financial space, ranking third among 50 global banks for AI maturity in the Evident AI index.
"We believe Canada's future as a world leader in artificial intelligence requires us to work together as a community to bolster and grow the full AI ecosystem from institutes and universities to start-ups and companies," added Foteini Agrafioti, SVP Data & AI, RBC. "This collaboration reflects RBC's commitment to collaborate with leading research institutions that drive real-world value while upholding the bank's responsible AI principles which ensure that high standards of accountability, fairness, privacy and security, and transparency continue to be upheld in all of RBC's AI efforts."
The MIT membership will provide RBC with access to talent, including CSAIL's graduate students, increased recruitment opportunities as well as participation in technical briefings and educational workshops. During its three-year membership, RBC will have early access to cutting-edge research across areas critical to the future of financial services including machine learning, predictive analytics, secure computation, cybersecurity, and data science. RBC will participate in executive boards, research reviews, and innovation pilots, helping to inform the direction of emerging technologies while building stronger links between academia and industry.
RBC and FinTechAI@CSAIL will conduct machine learning research in areas such as explainability, bias mitigation, and LLM safety – key pillars of responsible AI – as well as emerging applications in cyber security and financial crime prevention.
"RBC is constantly exploring ways to connect research with real-world impact," says Greg Mori, VP, RBC Fellow, RBC Borealis. "Working with FinTechAI@CSAIL allows us to access early-stage innovations that can help us build better, smarter, and more secure financial solutions. This collaboration between AI scientists in RBC Borealis and MIT will create technologies that will help shape the future of financial services and FinTechAI@CSAIL's leading edge research in responsible AI will be critical to the advancement of the field."
MIT CSAIL Director Professor Daniela Rus says, "I am excited to work with our initiative members to advance the foundations of AI and enable new capabilities for the fintech industry sector. Together, we aim to develop intelligent, trustworthy, and transformative fintech AI solutions that can shape the future of global finance."
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
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