The explosion in the use of data and technologies such as artificial intelligence have only highlighted the central role that trust plays in the relationship between financial institutions and their customers, according to Scotiabank’s Chief Data Officer.
“The trust factor is moving to data,” Peter Serenita says. “I’m not just giving you my money, I’m giving you my information, some of my most personal things, how I act, what I do, and I’m going to trust you that you’re doing the right things with it.
“At Scotiabank we’ve built a whole framework around how we treat data ethics, how we’re going to ensure the integrity of what we do, the transparency… It’s really a bond between us and our customers.”
Serenita (pictured above left) was speaking at a recent Bloomberg virtual roundtable discussion with senior technology and business unit decision-makers from leading global financial services organizations. The wide-ranging discussion examined how financial institutions are embracing technological innovations to transform the client experience and improve their businesses.
Participants focused on the importance of culture in the transformation taking place in the use of data, including such issues as transparency, diversity, responsibility and accessibility.
Serenita explained how Scotiabank used data and technology to help customers most affected by the ravages of the global pandemic.
“During the pandemic a lot of people’s lives got turned upside down, and specifically their financial situation changed drastically,” he said. So, the Bank built analytics to try to identify who were the most vulnerable customers.
“We identified about two million customers who were most vulnerable and we proactively reached out to them and were able to provide them customized and personalized solutions to help them through this difficult time… Customers were really pleased to see the Bank cared that much about them, it reduced the stress level a little for them, and resulted in a mutual benefit. Customers were able to work with our customer service groups to really provide themselves a much better financial future.”
Watch the full Bloomberg discussion: Transforming Financial Services: Technological Innovation and Cultural Change