Scotiabank Is Leading The Way With Advanced Analytics And AI

“We’ve had some aborted attempts to bring analytics and data to the Bank in a meaningful way. And through this journey, we have learned from our mistakes to enable us to move from siloed analytics, data, and AI professionals into a unified centre of excellence where we have integrated teams across the various business lines and functions.
Simply having AI, analytics, and data as capabilities does not mean that we are driving value, and if we don’t drive value, we don’t have a place in the Bank. So, one of the things we said we must do differently is, rather than put the function in technology, in operations, or in marketing where these teams often live, we will have data and analytics report directly to the business lines. We had to ensure that the value was from the business users using the solutions and driving tangible value
We learned that by bringing data and analytics tightly together, aligned with technology, and by having priorities and shared goals set by the business, it’s less about the sophistication of the model and it’s more about the meaningfulness of the outcome.”