Catching Up Fast By Driving Value From AI - AI Summary

That notion is belied by Scotiabank (officially the Bank of Nova Scotia), which has pursued a results-oriented approach to artificial intelligence over the past two years. While some of its resources are devoted to exploring how new technologies -- including blockchain and quantum computing -- might drive fresh business models and products, the great majority of its data and AI work is focused on improving operations today rather than incubating for the future. By all accounts, this integrated reporting structure is what allowed Scotiabank to move rapidly to gather and manage the necessary data and put analytics and AI capabilities in place. The analytics application uses a machine learning model -- called the Customer Vulnerability Index -- to identify consumers who are likely to have short-term cash-flow issues, using transactional data such as deposits and spending levels. It has found substantial returns from automating tasks in the back office of its global banking marketing division and improving security on the front line.