TORONTO, Nov. 18, 2020 /CNW/ - Scotiabank today
announced the use of a new Global AI Platform that provides
customers with intelligent and personalized financial advice. The
platform is enabling the Bank to provide fast, relevant advice by
anticipating and understanding customers' needs.
"A key part of Scotiabank's AI strategy has been to build a
strong talent pool of data scientists and data engineers, fully
integrating them with business analytics professionals who have
deep banking knowledge," said Phil
Thomas, EVP Customer Insights, Data and Analytics,
Scotiabank. "To enable our winning teams to deliver financially
impactful AI initiatives, we've created a global modern analytics
platform that is flexible, resilient and integrated into our
businesses."
Over the last 10 months the Bank has been leveraging the new
platform to deliver faster insights and better advice to its global
customers. The platform is being used to operationalize
several customer models into its retail banking businesses across
the Americas. These AI models have been a central piece of
the Bank's core retail banking programs focused on customer
engagement, including deepening relationships through targeted and
relevant offers. With a focus on providing quality advice for
customers, the platform's compute power enables the fast delivery
of insights, ultimately providing better data to support customers
in their financial goals. The platform has also been designed to be
used in all business lines across the enterprise.
"This global pandemic has reinforced the importance of
delivering customized financial advice that speaks to our
customers' unique business and household situations," said
Dan Rees, Group Head, Canadian
Banking for Scotiabank. "Scotiabank's investments in technology
have allowed us to continue to provide the valued advice and
support our customers have told us they're receiving from us, as a
leading bank in customer satisfaction."
"Scotiabank has been strategically integrating AI, data and
analytics directly into the business across the Americas," said
Nacho Deschamps, Group Head, International Banking & Digital
Transformation, Scotiabank. "The Bank's investment in the new
Global AI Platform will enable us to continually drive
transformation at a rapid pace with data-driven solutions that
provide a better understanding of our customers."
Scotiabank intends to evolve the platform to seamlessly deploy
analytics applications, not just to on-premise hardware but also in
cloud-based environments. This will enable the platform to
satisfy the ever-increasing demand for analytics
computations. Additionally, it makes available as much GPU
compute as needed to enable complex AI tasks.
About the Global Artificial Intelligence
Platform
Designed for analytics and AI-based development
and production, The Global AI Platform is based on Kubernetes, an
open-source system for automating deployment and management of
applications. The Bank has fully modernized its technology
stack, utilizing high-performance object storage and distributed
workload management solutions, to enable advanced analytics tools
and deployments. Machine Learning Operations (MLOps) patterns have
been established to increase the speed, stability and success rate
of analytics application deployments. In the Bank's operations in
Colombia, analytics application
deployments increased by 5X in model iterations, 8X increase in
processing frequency and were 10X faster due to automated
processes. Key to the platform has been disciplined MLOps
practices, enabling a robust development, deployment and production
process. These are the key enablers that data
scientists and data engineers need, and want, to drive impactful
financial results.
About Advice+
The success of our customers is at the
heart of our business at Scotiabank. Since the COVID-19 pandemic
began, Scotiabank has helped more than 375,000 customers with
assistance programs and provided thousands of customers with advice
to help them navigate through challenging times. Advice+ is
championing our customers' financial goals with a tailored plan,
plus the resources and education, and professional support that
will help them stay on track. Canadians can visit the
new ScotiaAdvice+ Centre or contact a Scotiabank advisor
today to discover the power of a simple conversation.
Innovation Leadership
Since the COVID-19 pandemic
began, Scotiabank has helped more than 375,000 customers receive
loan assistance plans and provided thousands of customers with
advice to help them navigate through challenging times. Enabled by
the Bank's strong data and analytics capabilities, the Bank's rapid
response to COVID-19 is a key reason why Scotiabank was
named the Best Bank in North
America for Innovation in Digital Banking for 2020 by
The Banker magazine, a Financial Times publication.
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 at July 31,
2020), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit and follow us on Twitter @ScotiabankViews.
SOURCE Scotiabank