Scotiabank launches Ethics Assistant, a new tool that strengthens commitment to driving customer value
Monday, 28 March 2022 08:11.AM
Scotiabank announced the launch of Ethics Assistant, in collaboration with Deloitte Canada, to further enhance the Bank's investments in data and analytics to derive customer insights that are more accurate, personalized, and free of bias. Ethics Assistant also ensures that data collected by Scotiabank is leveraged in a manner that reinforces the importance of transparency and trust in how customer information is accessed and used.
"As we continue to unlock the potential of data and analytics, Ethics Assistant helps us advance how we responsibly collect, share, store, and use data," says Grace Lee, Senior Vice President and Chief Data & Analytics Officer, Scotiabank. "This new solution gives us the confidence that the enhancements we are making to develop personalized solutions for our customers are aligned with and strengthen our data ethics practices."
Using Deloitte's Artificial Intelligence (AI) Impact Assessment tool, Scotiabank was able to successfully build and deploy Ethics Assistant which helps advance responsible AI-based innovation and adoption to benefit and enhance how data is used to deliver value and build trust with the Bank's customers.
"Data ethics and customer trust is a top priority for financial institutions across the globe," says Preeti Shivpuri, Trustworthy AI Leader at Deloitte Canada. "As Deloitte works towards fostering further AI adoption and innovation across Canada, we're thrilled to collaborate with Scotiabank to launch Ethics Assistant to support the responsible design, development, and deployment of AI solutions across the Bank."
The tool helps practitioners think about ethical considerations early on before AI and machine learning projects are deployed improving consistency, transparency, and fairness.
"Including ethical considerations early in the design stage of a use case helps us take a proactive approach throughout the development process," says Anna Hannem, Director of Data Ethics & Use. "The result is more ethical, trustworthy use cases which benefit our customers and our businesses."
Scotiabank plans to scale Ethics Assistant for all new AI and machine learning projects across the Bank this year.
SOURCE: Scotiabank
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