The AI models have become a central piece of the Bank’s core retail banking programs focused on customer engagement.

Toronto-headquartered Scotiabank (NYSE: BNS) announced that it had been using a new AI platform over the past 10 months to enhance its customer service through the delivery of faster insights and better advice.

It has developed and operationalized several AI models into its retail banking businesses in the Americas. Scotiabank is now better able to anticipate and understand customers’ needs and thereby deepen relationships through targeted and relevant offers. (Finextra)

Data and AI

Scotiabank has combined the skills of data scientists and data engineers with those of business analytics professionals having deep banking knowledge. The result is the development of a global and modern analytics platform that is integrated with the bank’s businesses.

“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,” said Nacho Deschamps, Group Head, International Banking & Digital Transformation, Scotiabank.

The bank’s Global AI Platform has the following features:

• Based on the Kubernetes open-source system
• A fully modernized technology stack that utilizes high-performance object storage and distributed workload management solutions
• Deployed Machine Learning Operations (MLOps)

As an illustration, Scotiabank cites its Colombian operations. There, analytics application deployments increased by 5X in model iterations, 8X increase in processing frequency, and were 10X faster due to automated processes.

The platform proved its worth during COVID

“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.

Global Finance magazine recognized Scotiabank for displaying Outstanding Crisis Leadership in 2020. The bank exceeded expectations in response to the global pandemic, including support for customers, employees, and society at large.

Related story:  Artificial Intelligence: Barclays Bank Deploys AI With Tech Partners