Grant: Alliance Grants
Queen's University
$73,467.00
Next-level Analytics and AI for Canadian Financial Services Firms
FY 2024-25
Summary
Analytics, Artificial Intelligence (AI), and data-driven decision-making, broadly speaking, present significant opportunities for Canadian financial services firms, which, themselves, represent a substantial share of Canadian economy. Not surprisingly, such firms are already advanced users of analytics and AI, and many decisions they make are data-driven. Our partner organization, Scotiabank, formally Bank of Nova Scotia (BNS), is no exception. Their early investments in analytics and AI were, rightfully so, in 'low-hanging fruit' solutions and applications, where the returns were highest and costs and risks were lowest. Such investments were important to set the foundation and establish a data and analytics culture but are no longer sufficient to stay competitive. Organizations must go to the next level beyond 'low-hanging fruits.' This research partnership between Queen's University and BNS aims to develop and test methodologies for such advancement through three core research themes: Technologies, Applications, and Ethics in AI, that are fundamental to move to the 'next level.'
The outcomes of the partnership will realize several key benefits for Canada. Firstly, through the internal implementation of methods and recommendations generated by this project, BNS can increase fairness, financial inclusion, affordable housing opportunities, customer satisfaction, and resource efficiency while minimizing its bias, organizational carbon footprint, and general environmental impact. With over 10 million Canadian Retail, Small Business, and Commercial Banking customers and 941 branches, BNS is the nation's second-largest bank. Thanks to BNS's large market share, the abovementioned benefits will reach a big portion of Canadian population. Secondly, Queen's and BNS will make their research findings widely accessible, ensuring that potential societal benefits reach as many communities as possible. Findings will reach industry, customers, and academic audiences through research publications, practitioner-oriented publications, webinars, press releases, and public forums nationwide.
Program
Alliance Grants
Recipient
Location
Ontario, Canada
Recipient Type
Academia
Type
Grant
Source
NSERC's Awards Data
As published
Application id
592457-2023
Name nom
Kolsarici, Ceren C
Department département
Stephen J.R. Smith School of Business, The
Organization id
29
Institution établissement
Queen's University
Province en
Ontario
Province fr
Ontario
Country en
CANADA
Country fr
CANADA
Fiscal year exercice financier
2024
Competition year année de concours
2023
Award amount
73467
Program id
ALLRP
Program name en
Alliance Grants
Program name fr
Subventions Alliance
Group en
RESEARCH PARTNERSHIPS
Group fr
PARTENARIATS DE RECHERCHE
Committee code
96
Committee name en
RPP Internal Decision Cttee
Committee name fr
Cté de décision interne - PPR
Area of application code
520
Area of application group en
Manufacturing processes and products
Area of application group fr
Procédés et produits industriels
Area of application en
Production and operations management
Area of application fr
Production et gestion des opérations
Research subject code
8020
Research subject group en
Social sciences and humanities
Research subject group fr
Sciences humaines
Research subject en
Management, Business, Administrative Studies
Research subject fr
Sciences administratives, gestion des affaires et commerce
Field of research list names en
Not available
Field of research list names fr
Non disponible
Socioeconomic objective list names en
Not available
Socioeconomic objective list names fr
Non disponible
Application title
Next-level Analytics and AI for Canadian Financial Services Firms
Keywords
ai and human integration; artificial intelligence; business applications of llms; conversational agents; customer analytics; data-driven decision making; fine-tuning llms for business; marketing optimization; net promoter score; sustainable and ethical ai
Application summary
Analytics, Artificial Intelligence (AI), and data-driven decision-making, broadly speaking, present significant opportunities for Canadian financial services firms, which, themselves, represent a substantial share of Canadian economy. Not surprisingly, such firms are already advanced users of analytics and AI, and many decisions they make are data-driven. Our partner organization, Scotiabank, formally Bank of Nova Scotia (BNS), is no exception. Their early investments in analytics and AI were, rightfully so, in 'low-hanging fruit' solutions and applications, where the returns were highest and costs and risks were lowest. Such investments were important to set the foundation and establish a data and analytics culture but are no longer sufficient to stay competitive. Organizations must go to the next level beyond 'low-hanging fruits.' This research partnership between Queen's University and BNS aims to develop and test methodologies for such advancement through three core research themes: Technologies, Applications, and Ethics in AI, that are fundamental to move to the 'next level.'
The outcomes of the partnership will realize several key benefits for Canada. Firstly, through the internal implementation of methods and recommendations generated by this project, BNS can increase fairness, financial inclusion, affordable housing opportunities, customer satisfaction, and resource efficiency while minimizing its bias, organizational carbon footprint, and general environmental impact. With over 10 million Canadian Retail, Small Business, and Commercial Banking customers and 941 branches, BNS is the nation's second-largest bank. Thanks to BNS's large market share, the abovementioned benefits will reach a big portion of Canadian population. Secondly, Queen's and BNS will make their research findings widely accessible, ensuring that potential societal benefits reach as many communities as possible. Findings will reach industry, customers, and academic audiences through research publications, practitioner-oriented publications, webinars, press releases, and public forums nationwide.
