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.”

https://www.forbes.com/sites/cindygordon/2022/05/28/scotiabank-is-leading-the-way-with-advanced-analytics/?sh=47e70d5a5092

How banks in Canada tap into AI to boost customers’ banking experience

RBC Nomi

  • “ 1.47 million unique users of NOMI tools in June 2021.
  • Since 2017, NOMI Find & Save has helped clients find and save over C$1.5bn in total.
  • Since 2017, clients have read about 1.7 billion insights through NOMI Insights.
  • Since 2019, over 1.1 million clients have set a budget with NOMI Budgets.
  • Since 2020, Ask NOMI has answered 3.5 million questions for clients.

Scotiabank

  • In February 2021, Scotiabank launched C.MEE which uses the bank’s Global AI platform to provide “hyper-personalisation.” C.MEE analyses data across customer touchpoints – branch, mobile, online, contact centre and email – to determine what advice is most relevant for a customer. The system then provides the advice through the customer’s preferred channel.

ATB Financial

  • Using natural language processing, the chatbot can handle 500 different enquiry types, which represent over 65% of ATB’s top call centre enquiries
  • Machine learning is used by ATB to provide clients with personalised advice. “We’ve interacted with over 240,000 clients last year where we’ve offered them AI-assisted advice about products and services to improve their banking experience

BMO

  • According to BMO, since its launch in 2019, customers have been receiving around 7 million insights per month via BMO Insights and are engaging with the data generated for them, in some months, nearly 50% of the time.
  • BMO’s cashflow prediction tool’s accuracy is exceptionally high at 97% (correct predictions over all predictions) because its model factors in the customer’s holdings and spending across multiple accounts.”

https://www.verdict.co.uk/ai-banking-canada/

How banks in Canada tap into AI to boost customers’ banking experience

RBC Nomi

  • “ 1.47 million unique users of NOMI tools in June 2021.
  • Since 2017, NOMI Find & Save has helped clients find and save over C$1.5bn in total.
  • Since 2017, clients have read about 1.7 billion insights through NOMI Insights.
  • Since 2019, over 1.1 million clients have set a budget with NOMI Budgets.
  • Since 2020, Ask NOMI has answered 3.5 million questions for clients.

Scotiabank

  • In February 2021, Scotiabank launched C.MEE which uses the bank’s Global AI platform to provide “hyper-personalisation.” C.MEE analyses data across customer touchpoints – branch, mobile, online, contact centre and email – to determine what advice is most relevant for a customer. The system then provides the advice through the customer’s preferred channel.

ATB Financial

  • Using natural language processing, the chatbot can handle 500 different enquiry types, which represent over 65% of ATB’s top call centre enquiries
  • Machine learning is used by ATB to provide clients with personalised advice. “We’ve interacted with over 240,000 clients last year where we’ve offered them AI-assisted advice about products and services to improve their banking experience

BMO

  • According to BMO, since its launch in 2019, customers have been receiving around 7 million insights per month via BMO Insights and are engaging with the data generated for them, in some months, nearly 50% of the time.
  • BMO’s cashflow prediction tool’s accuracy is exceptionally high at 97% (correct predictions over all predictions) because its model factors in the customer’s holdings and spending across multiple accounts.”

https://www.verdict.co.uk/ai-banking-canada/