Scotiabank will move its customer data onto Google Cloud’s platform and use its data analytics and AI solutions


A Scotiabank branch in Canada. (Credit: Raysonho @ Open Grid Scheduler / Grid Engine / Wikimedia Commons)

Canadian banking group Scotiabank has entered into a partnership with Google Cloud to create more customised and predictive banking experiences for its customers around the world.

According to Google Cloud, the partnership will help deepen the Canadian bank’s cloud-first commitment and expedite its global data and analytics strategy.

Scotiabank customer insights, data and 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.”

Google Cloud said that Scotiabank will migrate its customer data onto its platform and utilise its data analytics and AI solutions, as part of its cloud strategy.

By moving its data to Google Cloud, the bank can remove data silos. As a result, previously hidden insights can be uncovered to help the bank offer its customers better financial advice.

By leveraging data, the Canadian bank is expected to speed up data processing, understand insights on customer sentiments, and provide relevant offers in a timely manner.

Furthermore, by using the machine learning models of Google Cloud, the banking group can cut down the time spent on predicting customer offers from two weeks to a matter of few hours.

Scotiabank is also said to equip its engineers and data scientists with Google artificial intelligence (AI) solutions such as natural language processing, voice, and vision capabilities. These will help the Canadian group in automating document processes and onboarding to boost customer interactions.

Google Cloud North America president Kirsten Kliphouse said: “Consumers all over the world expect an increasingly personalised banking experience. Our partnership with Scotiabank reinforces the Bank’s commitment to technology and to delivering unique initiatives to its customers around the world.

“Leveraging the cloud to remove data silos and tapping Google Cloud data and analytics tools will amplify the Bank’s abilities to quickly deliver a predictive customer experience and create the bank of the future.”

Earlier this month, Google Cloud was selected as a public cloud provider by US financial services major Wells Fargo.