Dubie Cunningham, VP, Enterprise Innovation, Digital Banking at Scotia Bank discusses the role of Digital Factory and how robotics and AI are transforming the way consumers use financial services. You can hear more from Dubie at Mobey Day Toronto.
1. What does the Digital Factory work on?
At Scotiabank Digital Factory, we’re questioning everything about how we bank today to come up with the right solutions for our customers tomorrow. With five Digital Factories across Canada and Latin America, we’re integrating customer feedback into our products and services to transform digital banking globally.
2. How are robotics and AI transforming the way we as consumers use financial services?
Machine learning and AI are helping us better understand customer sentiment, behaviour and needs. This allows us to better manage risk, identify abnormal account activity and provide our customers with the best strategies for improving their portfolios. Applied analytics is a key driver of our innovation projects in the Digital Factories and across the Bank. For example, we are applying advanced analytics in real-time to detect anomalies in rich sets of usage patterns and digital footprints on our systems – anomalies such as users who connect from strange places or IP addresses, success systems they usually won’t access, or active at times that don’t make sense. This helps us better protect both ourselves and our customers’ data.
In addition to risk mitigation, we are building AI recommendation engines which allow us to make hyper-personalized offers, ultimately increasing relevance and improving the customer experience. AI is also helping us streamline and accelerate onboarding processes, which has led to an improved customer onboarding journey.
3. What do you think will be the biggest change in banking in the next 3-5 years?
We are leveraging data and analytics to identify insights and prioritize customer experience improvements because the bank of the future is defined by data. In the next three years, I see more relevant and personalized engagements and offerings coming to our customers. Furthermore, I imagine our relationship with our customers will graduate from meeting their traditional banking needs, to becoming a partner in their Financial Health journey.