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RBC maintains strong AI leadership position in financial services

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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 – saving time, enhancing security, adding convenience and reducing the anxiety they may have about their financial futures. We’re pleased to receive this recognition by Evident Insights for our ongoing AI work.”

A responsible and ethical approach
RBC is mindful of the risks around the use of AI and has invested heavily in ensuring the responsible development of AI tools, products and platforms. The bank recently formalized and published a set of Responsible Artificial Intelligence (AI) Principles that are part of the bank’s overall ESG commitment and sit at the centre of its AI endeavours, ensuring that high standards of accountability, fairness, privacy and security, and transparency continue to be upheld in all the bank’s AI efforts.

Innovation-led product development
With responsible AI at the foundation, RBC is building leading-edge solutions that have broad and meaningful impact for its clients. Recent developments include:

ATOM: This proprietary foundation model for financial services was trained using large-scale financial datasets, providing it with a breadth of knowledge in financial services. The in-house development and use of cutting-edge science will help enhance RBC’s ability to leverage our capabilities to derive unique insights and develop innovative solutions, all within a responsible AI framework.

Avion Rewards: Canada’s largest proprietary loyalty program, Avion Rewards, uses AI-powered personalization to offer members a more rewarding experience and seamless access to benefits. The personalized reward offers are made possible by leveraging ATOM to simplify and enhance how members engage with RBC’s internationally recognized loyalty program.

Lumina: We have developed an internal data and AI platform that enables RBC to build cutting-edge AI in a safe and scalable way. Lumina houses RBC data with high resilience and enables connectivity across our businesses. Online banking, portfolio management, risk modeling, and fraud detection are some examples of AI solutions enabled by the Lumina platform.

More informed lending decisions: The addition of AI can help us better understand, anticipate and address client financial needs beyond what a traditional credit model can provide. These enhancements can help create more value for clients.

These products are in addition to NOMI, a suite of capabilities that use data-driven insights to help clients stay on top of their finances; and Aiden, an AI-powered electronic trading platform built for our global clients. Aiden applies deep reinforcement learning to the constantly changing environment of equities trading.

Preparing employees for the future
RBC is ensuring its employees are ready for a future where AI may play a bigger role in their jobs. The bank has provided AI training for senior executives and is rolling out training to the broader employee population over the next several months, which will help guide employees through the key concepts of AI and generative AI, how these tools work and how to use them responsibly. Employees currently have access to a self-directed digital learning experience featuring a range of tools designed to build foundational knowledge in AI and generative AI.

RBC Technology’s annual Catalyst Conference brings together thousands of employees over two days for learning and inspiration with the 2024 session featuring more than 25 AI presentations and workshops. And Amplify, an immersive summer innovation program where students in the later years of their postsecondary education experience the opportunity to put their skills to the test to build a theoretical product that could solve tough business challenges, many of which involve solutions that use AI models.

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 100,000+ 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 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

For more information, please contact:
Briana D’Archi, RBC Corporate Communications

SOURCE RBC

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Eye Level holds its 2024 Eye Level Math Olympiad for students to test out their math skills.

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October 18, 2024

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SEOUL, South Korea, Oct. 17, 2024 /PRNewswire/ — Eye Level is hosting the 2024 Math Olympiad (ELMO 2024), inviting students from grades 1 to 8 worldwide to showcase their math skills. The competition will run from November 9 to December 1, following each country’s schedule across 15 countries.
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This Olympiad, part of the annual Eye Level Math Olympiad series established in 2004, offers students a valuable opportunity to assess and enhance their mathematical abilities. The test lasts approximately one hour and is designed to challenge students across various areas of math skills, covering most arithmetic and critical thinking domains. Questions are tailored to each grade level, allowing students to evaluate their skills objectively.All participants will receive a certificate of participation and a comprehensive analysis of their test results. Official results and winners will be announced in January 2025 on myeyelevel.com, with award ceremonies planned to be held locally for outstanding participants.

Registration is currently open on myeyelevel.com.

About Eye Level

Eye Level is an international provider of supplemental education services in Math and English with more than 2 million students having experienced its programs. Eye Level guides the students to learn at their own pace, and achieve their goals. With a growth-minded learning process, Eye Level helps students build good learning habits that become the foundation of great talent – setting them up for success in school and beyond. 

Photo – https://mma.prnewswire.com/media/2533165/p14_1_ELMO.jpg

View original content:https://www.prnewswire.co.uk/news-releases/eye-level-holds-its-2024-eye-level-math-olympiad-for-students-to-test-out-their-math-skills-302278994.html

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Petram Technologies Named “a Top Sustainability Innovator” at Plug and Play Alberta and New York Venture Summit for Revolutionary Rock-Breaking Technology

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58 mins ago

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October 18, 2024

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Leading the Charge in Eco-Friendly Rock-Breaking Technology with Minimal Environmental Impact.

JERSEY CITY, N.J., Oct. 17, 2024 /PRNewswire/ — Petram Technologies, a leader in rock-breaking technology, has been named a top sustainability innovator by Plug and Play Alberta’s Fall 2024 program and a top clean technology innovator at the 21st Annual New York Venture Summit in New York City. These recognitions, awarded in October 2024, underscore Petram’s role in driving eco-friendly advancements across multiple industries.

Petram’s products break rock using just electrical pulses and a few ounces of water—no chemicals, no dust, and reduced noise & vibration. By collaborating with multiple Fortune 500 industry leaders, Petram has adapted its technology for applications in concrete demolition, bedrock excavation, geothermal and water well development, and the oil & gas sectors, where sustainable rock-breaking demand is projected to increase by 10-15% annually through 2028. Its patented High-Power Electrical Pulse (HPEP) Fracture System reduces noise, dust, and vibration by over 99% while delivering 20 X the efficiency of traditional methods.

“These recognitions are a testament to the groundbreaking work Petram is doing to address the challenges in rock-breaking with cleaner, faster, and more efficient technology,” said Franco Magnotti, CEO of Petram Technologies. “Our HPEP system isn’t just reshaping how rock is broken—it’s reshaping how industries approach sustainability. Built on our ten patents, we’re thrilled by the strong interest in our technology as we expand through strategic partnerships in 2025.”

Earlier this year, Petram presented its breakthrough technology to over 150 investors overseeing $250 billion in capital at the New York Venture Summit, solidifying its position as a top innovator in clean tech and setting the stage for future investments. The broader green technology and sustainability market is expected to expand at a 23% compound annual growth rate (CAGR) through 2030, with clean tech investments approaching $900 billion globally, underscoring strong interest in high-efficiency solutions that deliver both environmental and economic benefits.

With commercialization planned for 2025, Petram’s HPEP system is positioned to transform multiple sectors with cleaner, safer, and more efficient solutions. We invite industry leaders and investors to join us in driving sustainable advancements across infrastructure, energy, and resource extraction. For partnership opportunities or investment inquiries, visit www.petramtechnologies.com

Petram Technologies 
Brigid Ephault
215-971-5611
B.ephault@petramtechnologies.com

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SOURCE PETRAM TECHNOLOGIES

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Huawei Launches New Products and Solutions for Commercial Market and Works with Partners to Accelerate Digital Intelligence for SMEs

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58 mins ago

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October 18, 2024

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DUBAI, UAE, Oct. 17, 2024 /PRNewswire/ — During the 44th GITEX GLOBAL, one of the world’s largest technology exhibitions, Huawei Commercial Market Summit was held with the theme of “Joining Hands with Partners to Amplify Intelligence for SMEs.” At the event, Huawei launched 17 new products and 6 new solutions designed for the global SME market. The company also shared achievements of its continued strategic investment in the commercial market, emphasizing that it will keep adhering to a partner-centric approach. Huawei is committed to working together with partners to serve hundreds of thousands of customers in the commercial market.

In his opening speech, Ernest Zhang, President of the Partner Development and Commercial & Distribution Business Dept in Huawei Enterprise Sales Dept, said: “Over the past year, Huawei has achieved rapid growth in the commercial market in terms of the number of partners and customers, and overall revenue. Huawei will firmly adhere to its partner-led commercial market strategy, join hands with partners to gain in-depth insights into customer requirements across industries and sub-scenarios, develop more competitive products and scenario-based solutions accordingly, build a mutually beneficial partnership system, and empower partners’ digital and intelligent capabilities, so as to achieve success together with our partners in the digital, intelligent future of the commercial market.”

Peter Zhang, Director of the Commercial Business Dept in Huawei Enterprise Sales Dept, said: “Leveraging Huawei’s deep technical expertise in the ICT field and decades of experience in digital transformation, we have launched over 300 innovative products and scenario-based solutions for the commercial market. Through the HUAWEI eFly platform, we have digitally supported our partners in expanding their business with enterprise customers. It is Huawei’s partner policy in the commercial market to build a partner-centric and trustable ecosystem, so that partners can gain more benefits, incentives, and profits.”

For education, healthcare, manufacturing, SMEs, and other key industries, 17 new products and 6 new solutions were released this time. For example, for the education sector, the brand new IdeaHub K3 redefines classroom interaction experiences; for the manufacturing sector, the freshly upgraded high-quality factory network solution becomes a strong backbone for flexible production; for SMEs, the simplified all-flash data center solution offers top-notch full-stack IT infrastructure; and for managed service providers (MSPs) in the commercial market, diverse solutions featuring easy selling, delivery, O&M, and growth are provided.

At the summit, Yusuf Ahmed, CEO of KEMS Zajil Telecom, the largest Internet service provider in Kuwait, shared how enterprises in Kuwait are actively embracing the anything-as-a-service (XaaS) global transformation and how KEMS Zajil Telecom has leveraged Huawei’s leading technologies to provide customers with flexible, diverse, and innovative cloud-based solutions. Richard Pearson, CPDO of SIBCA in the UAE, introduced that there is a growing recognition of green and intelligent concepts as well as technological infrastructure development across industries. SIBCA hopes that their cooperation with Huawei can be expanded from the current network, storage and other product fields to data centers, cloud, and AI, to jointly drive greener and smarter building construction in the near future.

With over three decades of deep cultivation in the ICT field, Huawei has accumulated a wealth of experience in digital transformation and is committed to becoming the core driving force for the rapid development of SMEs in the digital era. In the future, Huawei will keep working with global partners to innovate together, share success, and create a brilliant digital economy for SME customers around the world.

For more about Huawei commercial market solutions, see https://e.huawei.com/cn/industries/commercial-market.

 

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SOURCE HUAWEI TECHNOLOGIES CO., LTD.

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