Royal Bank of Canada, Borealis AI, Red Hat and NVIDIA Partner for New AI Private Cloud Platform
Royal Bank of Canada (RBC) has announced that the bank and its AI research institute Borealis AI has partnered with Red Hat and NVIDIA to develop a new AI computing platform to transform the customer banking experience and help keep pace with rapid technology changes and evolving customer expectations.
With increase in efficiency and accuracy of AI models, the computational complexity associated with them has also increased. RBC and Borealis AI are actively involved in building an in-house AI infrastructure that will allow transformative intelligent applications to be brought to market faster and deliver an enhanced experience for clients. The partnership with Red Hat and NVIDIA will help power this private cloud system with Red Hat OpenShift and NVIDIA’s DGX AI computing systems to deliver intelligent software applications and boosts operational efficiency for RBC and its customers.
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“In today’s ever changing marketplace, we must always be at the forefront of innovation for our clients. We are proud to have delivered a unique AI Private Cloud capability in-house, leveraging our strong collaboration with Red Hat and NVIDIA. This cloud offers GPU acceleration and containerized platform benefits, and we are well-positioned to provide the best experience possible for our customers going forward,” said Mike Tardif, Senior Vice President, Tech Infrastructure, Royal Bank of Canada.
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RBC’s AI private cloud has the ability to quickly run thousands of simulations and analyze millions of data points. The self-service infrastructure will allow RBC to build, deploy, and maintain next-generation AI-powered banking applications. According to RBC, the platform has already improved trading execution and insights, helped reduce client calls, and has resulted in faster delivery of new applications for RBC clients, and has the potential to benefit the AI industry in Canada, beyond RBC and financial services.
“Modern AI cannot exist without access to high-performance computing. This collaboration means that we can conduct research at scale, and deploy machine learning applications in production with improved efficiency and speed to market,” said Foteini Agrafioti, Chief Science Officer, RBC and head of Borealis AI.
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