Scotiabank Equips Global Staff With New Scotia Intelligence AI

Scotiabank has launched a unified enterprise approach designed to equip the bank’s employees with data and artificial intelligence (AI) capabilities.

The new Scotia Intelligence brings together the capabilities, platforms and governance needed to deliver AI securely and at scale, Scotiabank said on a Monday (April 13) press release.

“Combined with our existing technology infrastructure, these AI capabilities unite the strength of our data and cloud environments while embedding governance and security so teams can use AI confidently and responsibly,” Tim Clark, group head and chief information officer at Scotiabank, said in the release.

Scotiabank has already used Scotia Intelligence to embed AI in its operations, according to the release.

For example, in the bank’s contact centers, AI handles over 40% of client inquiries. In its commercial banking business, AI solutions process about 90% of commercial emails by routing them to the appropriate teams. In digital banking, Scotiabank’s patented mobile banking feature provides clients with timely prompts that help them stay on top of routine banking tasks, the release said.

When announcing this AI-powered mobile banking feature and other enhancements in a Wednesday (April 8) press release, Scotiabank said that with the patented feature, “clients can stay on top of routine banking tasks through timely and intuitive prompts that enable clients to proactively manage upcoming bill payments, routine email money transfers and account-to-account transactions.”

In the Monday press release, Phil Thomas, group head and chief strategy and operating officer at Scotiabank, said: “By putting AI-enabled tools into the hands of our global team, we’re enabling greater focus on higher-value work resulting in better decisions, faster execution and meaningful outcomes for our clients.”

The PYMNTS Intelligence report “Is AI the Master Key to Banking’s Next Era?” found that financial institutions are targeting customer service as a key area for AI usage because retail banking customers express a preference for AI-driven superpowered chatbots over traditional chatbots.

Other common applications of AI within the financial industry include fraud detection, risk management, investment management and automation, according to the report.

PYMNTS reported in February that financial institutions have deployed AI agents in compliance queues, cash management dashboards and payment routing engines, where these tools are now initiating tasks and moving money based on live signals.