Who Will Lead in Artificial Intelligence in Canada?

We are now about a third of the way through the year, which means we can start to say with confidence what the major players of 2018 are actually going to be.

Artificial intelligence. No longer science fiction, the technology is making major inroads in several areas and is already a major player in the FinTech field. This year AI will increase its imprint on the market and by 2030 the technology will add US$15.7 trillion to the world economy. (PWC stat) Anyone wanting to be a dominating force in the business world will need to introduce it into its portfolio.

Canada knows this and is well on its way. In 2017 the federal government created the Pan-Canadian Artificial Intelligence Strategy and pledged $125 million to support AI research centres, aiming to kickstart the economy and increase Canada’s presence on the FinTech stage.

The major cities are taking the proper steps to bring in businesses and hubs are being created. From Montreal to Toronto to Edmonton to Vancouver, the country is being well represented on the world stage.

Canadian startups will help bring in the new age of AI, dramatically improving our financial system. Join me this week as I look at what innovations are coming from we the north.

Canadians are intelligent and know the many benefits that could come from proper use of AI. After all, this technology will improve so many systems and processes.

It makes sense then that Canadian startups are examining the many ways AI can be brought in to bring businesses into the next stage.

Think of an audit. A vital part of the business world, the thought of an audit can easily cause people to develop an ulcer just from the stress. (And this goes for both the auditor and the audited.) The pressure to have a successful audit is intense.

Enter AI. You can say that one of the pluses of AI is it removes much of the emotion from the experience.

Not only that, human bias can (unconsciously) affect the audit, altering how information is viewed and interpreted. This can have serious ramifications on how successful the audit will be.

Startups in Ontario are introducing AI into the auditing network, changing how the process is done and making it easier for everyone.

Take MindBridge AI. This Ottawa-based business is setting out to revolutionize the audit process, using its platform to properly examine the data to uncover the holes and deviations. Not only are these results more thorough than human auditors, they’re also faster. Auditors can then use these findings to make their conclusions.

MindBridge’s platform is attracting a lot of attention, both in Canada and in other countries, and has partnered with major players like Thomson Reuters and BDO. The company’s goal is to see the platform being used by 1000 organizations by 2019 and this is an easily attainable goal.

This is good news for the stress levels of business owners across the globe.

Of course, AI is not just for high-stress elements of banking. Proper use of it will improve all elements of finance.

Smart FinTech startups know this and are using this to create the next generation of banking.

A great example of this is Finn.ai. The Vancouver-based company provides its customers with a platform that uses AI to dramatically improve the banking process. Acting like a virtual personal assistant, the platform helps users manage their money by helping to set up budgets, pay bills or send money.

Users can get instant access to a chatbot to answer their questions or speak to a human support agent if they need more help.

This full-service treatment is a major upgrade from yesterday’s banking system. Remember getting to the bank right after it closed?

As for the startups still in their beginning stages, Canada has institutions waiting to help.

Toronto is home to the Vector Institute, an initiative designed to help increase AI’s presence in Canada, researching its application and commercialization potential. This group, which gets its funding from federal and provincial governments as well as private businesses, will offer training for people ready to work in the industry, support research projects and help startups grow.

For startups still in their infancy and seeking assistance Canada is set up with programs designed to bring AI companies to market. NextAI, for example, is an accelerator for startup teams working in the GTA. Its goal is to provide startups with the elements they need to properly launch their business. Techstars Toronto Accelerator is another option for those seeking accelerator assistance.

The Creative Destruction Lab, meanwhile, offers mentoring hubs that give startups a unique learning experience, allowing them to gain knowledge by working with experts in the business and science fields. The first institution to focus on AI startups, the program is a great way for fledgling startups to hone their business. Although it is not an accelerator or an incubator, the mentors invest in startups.

These initiatives will help today’s startups become tomorrow’s business powerhouses, adding to Canada’s business portfolio and cementing the country as an AI hub.

I know Canada has the potential to lead the world when it comes to AI innovation and think it’s fantastic to see the work we are doing in this area.

AI and FinTech will prove to be among our greatest technological breakthroughs and harnessing it will propel Canada to the top of the business world.

For those who want to see more about the great work we are doing, check out Canada.ai, a platform designed to gather and present Canadian AI news and Canadian AI organizations.