Scotiabank Earns Best AI Initiative by the Digital Banker

Scotiabank Wins Analytics and Digital Banking Awards by the Global Retail Banking Innovation Awards Highlighting its Innovation in AI and Digital
TORONTO, Nov. 25,…

Scotiabank Wins Analytics and Digital Banking Awards by the Global Retail Banking Innovation Awards Highlighting its Innovation in AI and Digital

TORONTO, Nov. 25, 2021 /CNW/ – Scotiabank has been recognized for the Best AI Initiative and Best Digital Bank – Mexico by The Digital Banker‘s Global Retail Banking Innovation Awards 2021. The global awards recognize the world’s leading consumer banks that are pioneering innovation, transforming customer experience and reshaping digital financial services.

"Scotiabank’s approach to data, analytics and AI is intended to protect and deliver the best experience for our customers," said Grace Lee, Senior Vice President, Chief Data & Analytics Officer at Scotiabank. "This technology is transforming the business of banking. It’s allowing us to achieve scale without compromising the value of personalized and meaningful interactions with all – not some – of our customers. We are proud that the Bank’s efforts to drive forward our data, analytics, and AI capabilities have been recognized by The Digital Banker."

"Our decision to pursue a single digital strategy across our Americas footprint proved foundational to quickly delivering digital solutions to help customers during the pandemic, especially those across Latin America," said Shawn Rose, Chief Digital Officer at Scotiabank. "It’s times like these that set Scotiabank apart in its efforts to provide customers with world-class barrier-free banking." 

"Scotiabank’s AI models are testament to the efficacy with which banks navigate customer needs and manage customer engagement. By choosing the relevant technology, the Bank deployed its vulnerability model, to bridge the gap and reach its vulnerable customers. The Bank’s ability to scale is evident as the Global AI Platform has been expanded to operationalize, manage and deepen a plethora of customer models and relationships," says Nirav Patel, Managing Director & Editor of The Digital Banker.

Notable highlights of the Bank’s analytics and digital efforts include:

  • Scotiabank developed a vulnerability model to better understand customers’ financial vulnerability during COVID-19. The Bank’s data and analytics teams then developed an engine to detect 200,000 highly vulnerable customers and proactively reached out to them with help.
  • Scotiabank announced the use of its Global AI Platform, which provides the infrastructure for the Bank to deliver intelligent and personalized financial advice for customers.
  • Scotiabank launched C.MEE, AI-driven technology that leverages big data to enable even better customer experiences. C.MEE analyzes data across customer touchpoints to determine what advice is most relevant for a customer at any given interaction point.
  • Scotiabank Mexico’s mobile customers and digital transactions grew 100% year over year during the pandemic thanks to its solid investments in digital and the digitization of the customer experience in branches.
  • During the pandemic, approximately 80% of all Customer Assistance Program applications from Scotiabank clients in the Pacific Alliance region were enrolled digitally.
  • Scotiabank spearheaded the launch of PLIN, a mobile banking tool that facilitates free person-to-person transfers between Scotiabank and other banks, reducing the reliance on cash transactions.

The Best AI Initiative and Best Digital Bank – Mexico awards by The Digital Banker today are evidence of Scotiabank’s investment in analytics and digital banking and in its commitment to providing a seamless banking customer experience.

Innovation Leadership
Through the COVID-19 pandemic, Scotiabank has delivered relief digitally to approximately 360,000 Canadians and their businesses. This rapid digital response to COVID-19 is a key reason why Scotiabank was named Most Innovative in Data and Best Bank in North America for Innovation in Digital Banking for 2021 and 2020, respectively, by The Banker magazine, a Financial Times publication. The Bank also received the #1 ranking in the J.D. Power 2020 Canada Online Banking Satisfaction Study and the #1 ranking in the J.D. Power 2021 Canada Online Banking Satisfaction Study.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future," we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as of July 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

 

SOURCE Scotiabank