Most Innovative in Data by The Banker Magazine Scotiabank Wins Global Digital Banking Award Highlighting its Innovation in Data, Analytics and AI
TORONTO, Aug. 3, 2021 /CNW/ - Scotiabank has been recognized as the Most Innovative in Data by The Banker's Global Innovation in Digital Banking Awards 2021. The Banker magazine, a Financial Times publication, recognizes global excellence in financial technology and celebrates innovation in finance at the annual awards.
"Throughout the past year, the insight we've gained through data and analytics has allowed us to identify thousands of our most vulnerable customers, and provide them with tailored support and advice to help them navigate through this challenging time," said Brian Porter, President and Chief Executive Officer of Scotiabank. "We're pleased that for the second year in a row, The Banker has recognized Scotiabank for our innovation in financial services. Sincere thanks to our winning team of employees who have made these achievements possible, and congratulations on earning this global recognition."
"One of Scotiabank's top priorities is delivering a great customer experience. The Bank focuses on our customers' needs by leveraging machine learning models, ethical data, and advanced analytics to help them manage their financial lives," said Phil Thomas, EVP, Customer Insight Data and Analytics at Scotiabank. "A sincere thank you to The Banker for this esteemed data innovation award."
"Congratulations to Scotiabank for winning the hotly contested data category in The Banker's Innovation in Digital Banking Awards 2021," says Joy Macknight, editor of The Banker. "Scotiabank's rapid response during the COVID-19 pandemic to protect its most vulnerable customers resonated with the judges. Not only did the bank's data and analytics teams develop a vulnerability model to identify customers at risk financially, but they worked with the digital and business teams to build a specific proactive outreach programme. This is innovation at its best, delivering much needed support during difficult times."
Notable highlights of the Bank's data and analytics efforts include:
- In the Spring of 2020, 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.
- In the Fall of 2020, Scotiabank announced the use of its Global AI Platform. The platform provides the infrastructure for the Bank to deliver intelligent and personalized financial advice for customers.
- In February 2021, 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.
The Most Innovative in Data award, received from The Banker on August 2nd, 2021, acknowledges the Bank's investments in data and analytics, as well as its commitment to delivering a more personalized 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 the Best Bank in North America for Innovation in Digital Banking for 2020 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.