Scotiabank announced a donation of $1.25 million to the University of Alberta this morning, to fund the Scotiabank Artificial Intelligence Research Initiative in the Department of Computing Science.
The Scotiabank Artificial Intelligence Research Initiative aims to understand and build practical tools and predictive models for fraud detection and speech to text analytics. In addition, this investment supports the growth and development of women in science, technology, engineering and mathematics (STEM), by funding student participation in a variety of initiatives including in the Canadian Women in Computers Conference and the Grace Hopper Celebration, the world's largest gathering of women technologists.
The use of artificial intelligence at Scotiabank has already illustrated significant potential by providing customers with more customized products and services and resolving customer inquiries more efficiently.
"Leveraging academic partnerships with leading research in the field of artificial intelligence will continue to provide a unique pipeline for idea generation and innovation to support the building of future solutions for Scotiabank customers," says Mark Wagner, Vice President Analytics Practice and Corporate Functions at Scotiabank. "Our partnerships with academia are fostering the next generation of talent by building communities of practice for artificial intelligence and machine learning."
"We are grateful to Scotiabank for their support of our artificial intelligence initiatives at the University of Alberta," says Matina Kalcounis-Rueppell, Dean of the Faculty of Science at the University of Alberta. "We need to be intentional about working together to build a balanced, diverse, and inclusive science pipeline more reflective of today's world. This donation not only supports our students but also provides important training for postdoctoral fellows, increasing our research capacity in AI and positioning our leaders of tomorrow to address global challenges and societal needs."
Young people are our future leaders and Scotiabank's goal is to help ensure that they have the necessary skills and resources they need to support their success. This investment in education is an investment in the long-term security, stability and growth of our communities.