Many companies today are looking to artificial intelligence for a competitive edge and to future-proof their operations. Nowhere is this more imperative than in the global banking sector, where AI is being deployed in various ways ranging from virtual assistants to fraud prevention.
However, in addition to the cutting-edge technology itself, companies need skilled talent capable of applying it in innovative ways and at scale to drive meaningful impact.
Building an AI-ready workforce is a key aim of the Scotiabank Centre for Analytics & AI at Smith School of Business at Queen’s University. This is accomplished through applied research and experiential learning, while also making the know-how generated at the centre accessible to the Bank’s community stakeholders.
“I can’t overestimate the value Scotiabank is creating here both in terms of research impact and in student development,” Dr. Ceren Kolsarici, the centre’s Director, said.
The Bank originally joined forces with Queen’s in 2016 to establish the Centre and renewed the partnership this month with a $2.5 million investment. The support is through ScotiaRISE, the Bank’s 10-year, $500-million community investment initiative focused on building economic resilience by helping individuals and families access opportunities for economic growth, adapt to change, overcome barriers, and fully participate in the economy.
Kolsarici, who is an Associate Professor of Marketing at Smith, is working with graduate students on a number of applied research projects using generative AI. One grad is aiming to create a mathematical model that links the creative components of an advertising campaign — visual complexity, human presence, and even colour — to performance before a campaign is deployed, something traditionally measured post-mortem.
“The graduate students have the best of both worlds,” she said, citing their access to real life problems to solve, academic rigour and business leaders’ knowledge, as professors, graduate students, Scotiabank employees and executives from a range of fields including marketing, finance and computing science collaborate on re-imagining the client experience through the lens of innovative AI tools.
“It really helps the students separate themselves in the job market,” she said.
How industry experience can open doors in AI
Victoria Armstrong, a current student and Research Fellow at the Scotiabank Centre for Analytics & AI at Smith who recently defended her Ph.D. in Computer Science, agrees.
“The opportunity with Scotiabank has been incredible,” said Armstrong, who worked on improving the client insights portion of Scotia chat, an AI-powered virtual assistant on the Bank’s app from 2022 to 2025. Armstrong isn’t sure whether she will take a teaching position or work in industry, but credits this experience for giving her perspective on the variety of opportunities available outside of academia.
“I did my undergrad degree, my master’s, and then my PhD back-to-back with little room for industry experience. When it came time to apply to jobs, having had this opportunity to work with Scotiabank, I was able to better understand the industry perspective and the types of jobs that exist,” she said.
“You don’t necessarily have to sit and code 24 hours a day.”
The partnership between Queen’s University and Scotiabank is a mutually beneficial experience, Armstrong added. “They are providing us with industry experience, and we provide them with this injection of new knowledge. I think we are in a sense driving each other forward.”
How institutions’ research groups provide opportunities
Azin Ghasemi, who is a year into her research fellowship at the Scotiabank Centre for Analytics & AI, said the program is a great fit for her, citing her interest in quantitative marketing and her desire to do research that is meaningful and relevant academically and in a practical business sense.
This year, Ghasemi focussed on testing AI agents’ ability to deliver genuine individual personalization at scale to the Scotiabank clients in a controlled, low-risk setting before live deployment.
“That’s extremely valuable in the financial industry because it is a very risk heavy industry,” she said.
Having access to quality data to help shape her research is important to Ghasemi, having struggled with this while doing her MBA in Iran. “The right data shapes the quality of the research being done, the quality of the questions asked and how they are answered,” she noted.
With her job search still several years away, Ghasemi doesn’t know where she will end up, but she believes that as the lines between academia and industry continue to blur, that can only bode well for her future.
“Institutions are building serious research departments, and they’re working closer with universities than ever before. Being in this environment will help prepare me for a role in academia or in industry as a researcher,” she said.
Why investing in AI talent is key to competitiveness
Developing an AI-ready talent pipeline will be a key driver of competitiveness and resilience for Canada’s economy.
“For more than a decade, Scotiabank has invested in the practical, hands-on learning of data and analytics research to help prepare students for real-world opportunities through our partnership with Queen’s,” said Phil Thomas, Chief Strategy and Operating Officer.
“AI is reshaping how organizations operate, and as technology has evolved, so too has our support. I’m proud that we are investing in the skills the next generation of talent and business leaders will need to succeed, while advancing responsible AI with strong governance and oversight.”
As Canada scrambles to stay competitive in the race for AI innovation, Ghasemi noted that the Smith School of Business and Scotiabank partnership should be a model for universities across the country.
“The centre is helping us create a brighter mindset where we understand what is important in the business now, what questions we should be asking and where we should be putting the emphasis,” she said. “This culture of collaboration will go a long way to help Canada get where it needs to be.”
