How Scotiabank is implementing AI for greater customer retention

As one of Canada's Big Five banks, the Bank of Nova Scotia is taking an approach to data, analytics, and AI intended to better understand and serve customers, said Grace Lee, its chief data and analytics officer. Her charter is to advance business growth, customer experience, and operational efficiency through the use of AI, machine learning, and data-driven insights at the bank better known as Scotiabank. The stakes in customer retention are high: Scotiabank has more than 10 million retail, small business, and commercial customers in Canada, as well as 10 million retail and commercial customers in Latin America, the Caribbean, and Central America. The bank has about 90,000 employees and assets of about $1.2 trillion. Over the past couple of years, Scotiabank has engaged in an AI strategy that is very focused on last-mile execution, Lee said.