Monday, May 27, 2024

Scotiabank Partnering With Google Cloud on Personalized Banking

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TORONTO and SUNNYVALE, Calif. — Scotiabank and Google Cloud are working to create more personal and predictive banking experiences for the bank’s customers.

The strategic partnership will accelerate Scotiabank’s global data and analytics strategy for customers in the Americas and across the globe, according to the companies last month.

As a Scotiabank “trusted cloud provider,” Google Cloud will enable Scotiabank to run sensitive workloads in a secure cloud environment, while complying with the bank’s security control objectives.

The partnership builds on “the significant progress” Scotiabank has made on its cloud strategy over the last several years.

Scotiabank will move its customer data to the Google Cloud and use its data analytics and artificial intelligence (AI) solutions in several ways:

  • Leverage data for predictive offers: The bank will be able to process data faster, understand customer sentiment insights, and deliver relevant offers in a timely manner. Using Google Cloud’s machine learning (ML) models, Scotiabank can reduce the time spent predicting customer offers from 14 days to hours.
  • Improve customer interactions through artificial intelligence: Through this partnership, Scotiabank is empowering its engineers and data scientists with Google AI solutions, such as natural language processing (NLP), voice, and vision capabilities to help the bank automate document processes and onboarding, improving customer interactions.
  • Unify data silos across the organization: The migration of data to Google Cloud will help remove data silos within the bank, uncovering previously hidden insights that will allow the bank to provide better financial advice to its customers. 

See more: Google Cloud Platform Review

“Consumers all over the world expect an increasingly personalized banking experience,” said Kirsten Kliphouse, president of North America, Google Cloud. 

The partnership reinforces Scotiabank’s “commitment to technology and to delivering unique initiatives to its customers,” Kliphouse said.

The bank’s work with Google Cloud will enable “a significant improvement in speed, sophistication, and ubiquity of insights and automation through parallel processing and streaming data,” said Grace Lee, SVP and chief analytics officer, Scotiabank. 

“This transformation will undoubtedly improve the customer experience and the bank’s efficiency globally.”

See more: Top Cloud Service Providers & Companies

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