Scotiabank Accelerates its Cloud Adoption Strategy Through an Expanded Partnership with Google Cloud

Rhea-AI Summary

Scotiabank partners with Google Cloud to enhance digital experiences, security, and technology adoption.

Scotiabank's use of Google Cloud will enhance the Bank's commitment to its clients' digital experiences  

TORONTO and SUNNYVALE, Calif., April 8, 2024 /PRNewswire/ - Scotiabank today announced an expanded partnership with Google Cloud, naming it the enterprise cloud platform of choice for the next phase of the Bank's cloud acceleration journey. The Bank will leverage Google Cloud technology to enhance client and employee experience, strengthen Bank security, and adopt new technologies, like generative AI, more quickly. This announcement builds on Scotiabank's strategic partnership with Google Cloud, extending its cloud-first commitment and accelerating its global data and analytics strategy. 

"Scotiabank's partnership with Google Cloud reinforces the Bank's commitment to investing in strategic growth initiatives that make it easy to do business with us," says Michael Zerbs, Group Head, Technology & Operations, Scotiabank. "We have an aggressive goal of moving the majority of the Bank's information and systems to the cloud over the next three years, maximizing the productivity of our business and the safety of our information, further demonstrating Scotiabank's investment in the long-term success of our clients, shareholders, and employees."

"Google Cloud has a long history of working with Scotiabank, and we are proud to expand our partnership at such a pivotal time for the Bank," says Matt Renner, President, Global Field Organization, Google Cloud. "Scotiabank has demonstrated its commitment to transforming their operations with Google-powered cloud and AI technologies, creating more engaging client experiences, with safety and privacy at the core."

Scotiabank continues to prioritize innovation, digitization, and modernization of its operations. The Bank is already seeing the added value in the expanded partnership with Google Cloud, including:

• Building with Vertex AI, leveraging the same tools Google uses to deploy and manage AI securely and at scale.
• Moving its contact centers to Google Cloud's Contact Center AI (CCAI) technology, unlocking the ability to better understand and serve clients' needs.
• An improved mobile experience with greater platform stability and reliability for clients.
• Developing the first cloud-based client data hub for Scotiabank's Wealth Management business with a robust security and compliance framework to better protect and govern Bank data.
• LLM-powered chatbot summarization that empowers live agents with instant context, enabling seamless chatbot-to-human handoffs and reducing client resolution times.
• An enhanced employee experience with LLM-powered Q&A and search, providing access to tailored knowledge and streamlining workflows.

"Through our work with Google Cloud, we are bringing efficiencies across the business – streamlining processes, migrating platforms, modernizing applications and data, and accelerating the delivery of enhanced capabilities," says Aris Bogdaneris, Group Head, Canadian Banking, Scotiabank. "These efforts will help to further enable Scotiabank's vision of being our clients' most trusted financial partner, and help us adapt more quickly, innovate safely and meet our transformational business objectives."

Scotiabank's long partnership with Google Cloud has enabled Scotiabank to create a more personal and predictive banking experience for its clients, including powering its award winning chatbot. The Bank's chatbot continues to elevate the Bank's digital offerings and highlights the value of AI technology to enhance the digital client experience.

Learn more about this work at Google Cloud Next, where Grace Lee, SVP, Chief Data & Analytics Officer at Scotiabank, will be participating on a panel on AI for Banking.

At its Investor Day in December 2023, Scotiabank introduced its refreshed enterprise strategy, outlining its vision for a strong future for the Bank, focused on delivering sustainable, profitable growth through four strategic pillars: Growing and scaling in priority markets, Earning primary client relationships, Making it easy to do business with the Bank, and Winning as one team.

About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2024), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.

About Google Cloud
Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

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SOURCE Scotiabank

FAQ

What partnership did Scotiabank announce?

Scotiabank announced an expanded partnership with Google Cloud.

What is the purpose of the partnership between Scotiabank and Google Cloud?

The partnership aims to enhance client and employee experience, strengthen Bank security, and adopt new technologies like generative AI more quickly.

What will Scotiabank leverage Google Cloud technology for?

Scotiabank will leverage Google Cloud technology to enhance client and employee experience, strengthen Bank security, and adopt new technologies like generative AI more quickly.