Scotiabank gives CAD $2.5 million for Queen's AI work

Scotiabank has committed CAD $2.5 million to Queen's University's Smith School of Business for AI education and research, extending its work with the Scotiabank Centre for Analytics & AI.

The funding will be distributed over five years to support applied research, hands-on learning and broader AI education for students, professionals and communities. It will also fund targeted scholarships and programmes to improve AI literacy among community groups and small businesses.

The announcement comes as concerns grow over Canada's readiness to train workers and businesses in artificial intelligence. A recent KPMG study cited by the organisations found Canada ranked 44th out of 47 countries in AI literacy and training, while a large share of workers said they wanted or needed to improve their generative AI skills.

The Scotiabank Centre for Analytics & AI was founded in 2016 at the Smith School of Business. Since then, it has helped fund and graduate more than 30 M.Sc. and Ph.D. students into industry and faculty roles, while more than 80 undergraduate students take part in its AI Academy each year.

What it funds

Under the renewed arrangement, the bank and school said the funding will support early-stage research with social applications as well as practical teaching. It will also back workshops and speaker programmes aimed at broadening discussion around AI in business and society.

The funding falls under ScotiaRISE, the bank's CAD $500 million community investment programme focused on economic resilience. Here, the support is directed to a university centre that combines faculty research, graduate training and industry links.

The latest commitment builds on a relationship with Queen's that spans more than a decade. The partnership is intended to strengthen the pipeline of analytics and AI talent while promoting responsible use of the technology.

"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, Scotiabank.

"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," Thomas said.

Skills gap

The move reflects a broader debate in Canada over whether businesses, workers and educational institutions can adapt quickly enough to AI adoption. Banks, universities and technology groups have increasingly focused on training and governance as employers work out how to deploy generative AI tools while managing operational and risk concerns.

For the Smith School of Business, the new funding expands a centre that serves both teaching and research roles. Previous work linked to the centre helped secure multimillion-dollar grants from NSERC and Mitacs, providing another source of support for graduate students and research fellows.

"We are grateful for Scotiabank's long-standing partnership and proud of what we have accomplished together since 2016, including securing multimillion-dollar NSERC and Mitacs grants that have helped prepare graduate students and research fellows for leadership in the digital economy," said Ceren Kolsarici, Director, Scotiabank Centre for Analytics & AI, Smith School of Business, Queen's University.

"This generous gift allows us to deepen that impact by advancing an inclusive, AI-ready workforce through hands-on learning and real-world innovation," Kolsarici said.

Internal training

Alongside the university investment, Scotiabank is also expanding AI training inside the bank. Staff with access to its Scotia Intelligence tools are given learning resources ranging from basic AI literacy to role-specific training.

This internal training includes workshops, support from business-line champions and shared playbooks. The bank has also introduced mandatory AI risk training for employees as it expands the use of data and AI across the organisation.

The effort reflects how large financial institutions are trying to manage two pressures at once: developing their own workforce while supporting a wider pool of future recruits. For banks in particular, AI adoption raises questions not only about productivity, but also about governance, customer outcomes and the supply of staff with technical and business knowledge.

Scotiabank, which has about CAD $1.5 trillion in assets, is continuing to recruit engineers, data specialists and product staff as part of that work.