Scotiabank Teams with Intuit

Scotiabank (BNS) announced Wednesday it is partnering with Intuit, the global technology platform that markets TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, to provide Canadian customers with the ability to securely and easily submit their banking information.  

Simplifying Data Exchange

Mutual Scotiabank and Intuit customers, including QuickBooks, Mint and TurboTax, will have greater control over their financial data, save time with the enhanced digital experience, and enjoy increased information protection. 

Using APIs (Application Programming Interface), Scotiabank will securely transmit its customers’ financial data (after obtaining their consent) to Intuit’s products, which will simplify processes and improve the client experience. This scalable feature lays the groundwork for future improvements in digital services for individuals and businesses. 

Management Commentary  

“Our customers are looking to simplify their business processes, and we are committed to building the digital tools needed to help them focus on operating their business in a seamless and optimized way,” said Jason Charlebois, SVP of Small Business, Scotiabank. “This partnership with Intuit is foundational for future collaboration that will accelerate segment leading digital experiences for our mutual customers.” 

Wall Street’s Take

On December 8, Canaccord Genuity analyst Scott Chan kept a Buy rating on BNS and C$89 price target. This implies 2.7% upside potential.  

The rest of the Street is bullish on BNS with a Strong Buy consensus rating based on six Buys and two Holds. The average Bank of Nova Scotia price target of C$91.67 implies 65.8% upside potential to current levels. 

TipRanks’ Smart Score 

BNS scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market. 

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