Scotiabank announced that it donated $1.25 million CAD to the University of Alberta to fund an artificial intelligence research initiative.
The donation will go towards the Scotiabank Artificial Intelligence Research Initiative. The initiative aims to build practical tools and develop predictive models for fraud detection and speech to text analytics.
“Our partnerships with academia are fostering the next generation of talent by building communities of practice for artificial intelligence and machine learning,” said Mark Wagner, the vice president of Analytics Practice and Corporate Functions at Scotiabank, in a press release.
The investment will also support the growth and development on women in science, technology, engineering and mathematics (STEM).
Scotiabank says that it has already successfully used artificial intelligence and illustrated the technology’s potential by providing customized services.