Scotiabank has launched an integrated enterprise approach aimed at providing data and artificial intelligence (AI) capabilities to the bank’s employees.
The new Scotia Intelligence unites the capabilities, platform and governance needed to deliver AI securely and at scale, Scotiabank said in a press release on Monday (April 13).
“These AI capabilities, combined with our existing technology infrastructure, integrate the strengths of our data and cloud environments, while incorporating governance and security to enable teams to use AI confidently and responsibly,” Tim Clark, Scotiabank’s group principal and chief information officer, said in a release.
According to the release, Scotiabank is already using Scotia Intelligence to incorporate AI into its operations.
For example, in bank contact centers, AI handles more than 40% of customer inquiries. In the company’s commercial banking business, AI solutions route approximately 90% of commercial emails to the appropriate team for processing. With digital banking, Scotiabank’s patented mobile banking features provide customers with timely prompts to keep them on top of their banking routines, according to the release.
Announcing this AI-powered mobile banking feature and other enhancements in a press release on Wednesday (April 8), Scotiabank said the patented feature “enables customers to stay on top of their daily banking activities through timely and intuitive prompts, allowing them to proactively manage upcoming bill payments, regular email transfers, and transactions between accounts.”
Advertisement: SCROLL TO CONTINUE
“Putting AI-enabled tools in the hands of our global teams will allow us to focus on higher-value work, resulting in better decisions, faster execution, and meaningful outcomes for our customers,” said Phil Thomas, Scotiabank’s group president and chief strategy and operating officer, in a press release on Monday.
PYMNTS Intelligence report, “Is AI the master key to the next era of banking?” finds that financial institutions are targeting customer service as a key area for AI use, as retail banking customers prefer super-powerful AI-powered chatbots over traditional chatbots.
According to the report, other common uses of AI in the financial industry include fraud detection, risk management, investment management, and automation.
PYMNTS reported in February that financial institutions are deploying AI agents in compliance queues, cash management dashboards, and payment routing engines, with these tools initiating tasks and moving funds based on live signals.
