Canadian multinational banking and financial services company Scotiabank has entered into a strategic partnership with Google Cloud.
The move is aligned with the bank’s cloud-first commitment.
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Under the collaboration, Scotiabank will leverage Google Cloud’s data, analytics and AI solutions to deliver more personal and predictive banking services for its customers across the globe.
It will involve moving customer data onto Google Cloud to gain additional insights and accordingly deliver tailored services.
The use of Google Cloud’s machine learning models will also help in predicting customer offers in hours instead of several days.
Additionally, the partnership will provide Scotiabank’s engineers and data scientists with access to Google AI solutions. This will automate document and onboarding processes.
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By GlobalDataScotiabank Customer Insights, Data & Analytics executive vice-president Phil Thomas said: “With this year’s win of the Innovation in Data award from The Banker, Scotiabank is a recognised global innovation leader that is using technology to truly enhance the customer experience.
“By incorporating Google Cloud ‘s innovative data, analytics and AI solutions, we’ll be able to attract new talent across the globe, continue our momentum, and further accelerate our high impact, customer-focused initiatives.”
Scotiabank senior vice-president and chief analytics officer Grace Lee said: “The Google Cloud partnership for data and analytics will enable a significant improvement in speed, sophistication, and ubiquity of insights and automation through parallel processing and streaming data.
“This transformation will undoubtedly improve the customer experience and the Bank’s efficiency globally.”
Scotiabank reported a net income of C$2.46bn in Q2 2021, up from C$2.46bn a year ago. The increase was attributed to a strong performance of its Canadian banking division.
