Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeFinanceBankingScotiabank accelerates AI use to boost productivity and better manage risksBank says artificial intelligence is strengthening key programs, including anti-money laundering checks You can save this article by registering for free here. Or sign-in if you have an account.Scotiabank, along with Canada's other big banks, is increasing its use of AI. Photo by Peter J Thompson/National PostBank of Nova Scotia says artificial intelligence is boosting its employees’ productivity and strengthening key programs, including its anti-money laundering (AML) detection system.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Accountor“AI capabilities … are enhancing employee productivity in practical, responsible ways across our organization,” Tim Clark, the bank’s chief information officer, said in an email.He also said AI is also allowing employees to respond to client needs faster and strengthen “key risk-management capabilities like customer record validation, AML detection and compliance monitoring.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againCanada’s Big Six banks are looking for ways to increase their use of AI to boost productivity and earnings. For example, it helped Canadian Imperial Bank of Commerce save 1.2 million hours of work in its first quarter and cut mortgage approval times at Toronto-Dominion Bank, the lenders’ chief executives said in April.That same month, Royal Bank of Canada chief executive Dave McKay said the lender created a new AI group that reports directly to him and the bank aims to deliver up to $1 billion in AI-driven enterprise value by 2027.Bank of Nova Scotia on Wednesday said its employees will be able to “apply AI in practical ways across their day-to-day work” after giving them access to new tools such as Notebooks, which reviews documents, creates summaries and creates content that might otherwise take hours to prepare.“Our focus remains on empowering our teams with a wide array of leading-edge tools that can drive tangible impact with our employees and the clients we serve,” Phil Thomas, the bank’s chief strategy and operating officer, said in the statement on Wednesday.Integrating AI into the daily workflows will also help people build new skills and new ways of working, chief human resources officer Jenny Poulos said.“Through thoughtful training, practical resources, and a strong focus on responsible use, we are helping Scotiabankers use AI with confidence in their everyday roles,” she said in a statement.Although the banks are increasingly relying on AI, the country’s top banking regulator is urging financial institutions to better understand and manage the technology’s potential risks.Peter Routledge, head of the Office of the Superintendent of Financial Institutions, has said the emergence of Anthropic PBC’s Mythos — an AI model that reportedly excel at exploiting software vulnerabilities — is a signal point for the financial system to “put on our thinking caps and our glasses” to understand what risks artificial intelligence poses.The industry needs to “really understand what’s coming at us, because it’s coming at us pretty fast,” he said at an April event. Get the latest from Naimul Karim straight to your inbox Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.