The quest for more predictive, personalized customer experiences based on the use of artificial intelligence and analytics have led Scotiabank to form a strategic partnership with Google Cloud and its suite of on-demand computing services.
Although it is known as Canada’s third-largest bank, Scotiabank has operations around the globe and its decision to move customer data into Google Cloud will have an impact across its entire footprint.
The partnership will include the use of Google Cloud’s machine learning models, as well as providing Scotiabank’s data science teams with the tech giant’s Natural Language Processing, Voice, and Vision tools.
According to Grace Lee, its senior vice-president and chief analytics officer, Scotiabank’s decision to choose Google Cloud comes at a time when there is an increased urgency to enhance the customer experience in financial services.
“Being sophisticated in the use of data and AI and analytics was a strategic choice prior to the pandemic, but it became a survival imperative during it and will continue to be,” Lee told 360 Magazine. “We saw how customers were limited in their ability to have those physical interactions with the bank for the first time on a global basis, and people were going through massive amounts of confusion and uncertainty and stress all at the same time.”
The hope is that by working with Google Cloud, Scotiabank will be able to deliver meaningful advice and counsel to its customers that better reflects their current financial circumstances.
This has been more challenging historically because of the inevitable data silos that crop up within in organization, Lee explained. What compounds the challenge is the ever-increasing variety fo data sources it needs to consider, including streaming data and data that comes through mobile devices.
“It’s going to let us look at the entire portfolio of customer’s information and if we see them facing financial distress, or that they lost their job, we can reach out to restructure their credit, or help them in seeing government assistance,” Lee said.
Until now, trying to predict what kind of offer might be of interest to a particular customer could take two weeks. Scotiabank believes the use of Google’s AI and analytics tools will reduce that to a matter of hours, Lee said.
“Aside from the obvious benefits to CX, we can become a lot more efficient in the way we build models,” she said. “We’ll also be able to monitor and validate that we’re doing the right thing from a customer’s point of view.”
Scotiabank’s use of AI and analytics will complement the customer feedback it collects, Lee added, such as its Net Promoter Score (NPS) program. Contact centres provide an another source of insight and context to enrich its behavorial models.
“We have to make sure we’re reaching out and being through in regards to their needs and being more relevant to life events — acting in ways that are not necessary bank-centric but customer-centric.”
Shane Schick tells stories that help people innovate, and to manage the change innovation brings. He is the former Editor-in-Chief of Marketing magazine and has also been Vice-President, Content & Community (Editor-in-Chief), at IT World Canada, a technology columnist with the Globe and Mail and Yahoo Canada and is the founding editor of ITBusiness.ca. Shane has been recognized for journalistic excellence by the Canadian Advanced Technology Alliance and the Canadian Online Publishing Awards.