Scotiabank, Google Cloud Announce Strategic Partnership

Bank of Nova Scotia (BNS), Canada’s third-largest bank, announced Wednesday a strategic partnership with Alphabet’s (GOOGL) Google Cloud to strengthen the bank’s cloud-first commitment, and accelerate the delivery of its global data and analytics strategy.

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Google Cloud helps create a more personalized and predictive experience for Scotiabank’s customers in the Americas, and around the world.

“With this year’s win of the Innovation in Data award from The Banker, Scotiabank is a recognized global innovation leader that is using technology to truly enhance the customer experience,” said Phil Thomas, EVP, Customer Insights, Data & Analytics, Scotiabank.

“By incorporating Google Cloud ‘s innovative data, analytics and AI solutions, we’ll be able to attract new talent across the globe, continue our momentum, and further accelerate our high impact, customer-focused initiatives.”

By moving its customer data to the Google Cloud platform, and leveraging its industry-leading data analytics and AI solutions, Scotiabank will be able to leverage data for predictive offers, improve customer interactions using AI, and help remove silos across the bank.

As Scotiabank’s trusted provider of cloud services, Google Cloud will enable the bank to run confidential workloads in a highly secure cloud environment while meeting its security control objectives. (See Bank of Nova Scotia stock charts on TipRanks)

On September 7, Barclays analyst John Aiken maintained a Hold rating on BNS, and a price target of C$83. This implies 5.3% upside potential.

The rest of the Street is cautiously optimistic on BNS, with a Moderate Buy consensus rating based on four Buys and four Holds. The average Bank of Nova Scotia price target of C$86.88 implies 10.2% upside potential to current levels.