The Bank of Nova Scotia (Scotiabank), the third-largest bank in Canada in terms of market capitalization and deposits, is introducing a new program that will give the institution’s senior workers an opportunity to understand the ethical principles and guidelines involved in using artificial intelligence (AI)-based technologies.
The multinational bank has around 25 million clients throughout the world and provides a wide range of products and services such as personal and commercial banking accounts, wealth management services, and special services for corporate and investment banking clients. The bank employs approximately 88,000 employees and has assets worth nearly $1 trillion. Scotiabank trades on the New York Stock Exchange (NYSE: BNS) and Toronto’s stock exchange (TSX: BNS).
Scotiabank is partnering with the Smith School of Business at Queen’s University, and the IEEE in order to create and deliver a two-day certification program for senior executives and experienced business professionals.
The Canadian bank’s program aims to cover the basic principles of AI-powered platforms and ethical design considerations. The certification program will also cover decision making with analytics tools, the handling of enterprise data and AI-based management, Canada’s information and privacy rules, and current research and development (R&D) efforts involving AI.
Daniel Moore, chief risk officer at Scotiabank, stated:
“At Scotiabank, our investment in AI goes beyond the smart implementation of new tools and technologies, with a commitment to being leaders in the development of principles, guidelines and training for the ethical application of this powerful technology.”
The ethics of how financial services providers use people’s personal data has been a topic of discussion and controversy lately. The Apple Card, which is issued by giant Wallstreet investment bank Goldman Sachs, has been accused of being biased or discriminating against female applicants when it comes to evaluating their creditworthiness for various loan offers.