TORONTO, March 24, 2022 /CNW/ - Scotiabank announced today 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.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at January 31, 2022), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

About Deloitte
Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients' most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Our global Purpose is making an impact that matters. At Deloitte Canada, that translates into building a better future by accelerating and expanding access to knowledge. We believe we can achieve this Purpose by living our shared values to lead the way, serve with integrity, take care of each other, foster inclusion, and collaborate for measurable impact.

To learn more about Deloitte's approximately 330,000 professionals, over 11,000 of whom are part of the Canadian firm, please connect with us on LinkedIn, Twitter, Instagram, or Facebook.

SOURCE Scotiabank