15:16:28 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,208,473,054
Close 2017-02-02 C$ 77.73
Market Cap C$ 93,934,610,487
Recent Sedar Documents

Globe says Scotiabank churns up data to analyze clients

2017-02-02 09:03 ET - In the News

The Globe and Mail reports in its Thursday edition that when Bank of Nova Scotia customers miss a credit-card payment, an artificial-intelligence system is shaping how the bank tries to get its money. In a Globe special, Jacob Serebrin writes that the system, which was completed in December, is the result of a partnership between the bank and DeepLearni.ng, a Toronto-based AI start-up. It analyzes the individual customer's past behaviour, as well as the bank's large data set around credit-card collections, looking for connections. "You're trying to find the patterns of behaviour that lead you to believe a customer will pay you back," says Neil Bartlett, Scotiabank's senior vice-president of analytics. The system developed by DeepLearni.ng uses a type of artificial intelligence that is modelled on the human brain and combines multiple layers of processing. Stephen Piron, the founder of DeepLearni.ng, says that while his company has worked with Scotiabank in the past to do research, the current collaboration began over the summer. "They're keen to use AI in different parts of the bank. They wanted a good-use case that was easy to measure and that had some economic value," Mr. Piron says.

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