AI Case Study

Scotiabank improves payment collections of credit card customers using deep learning

Scotiabank is using deep learning to better manage credit card collections. The platform developed by Dessa identifies risky customers and classifies them according to risk which is calculated by analysing historical data from the bank. It then predicts whether the customer needs a reminder or not, whether there is a chance of delinquency and so on.

Industry

Financial Services

Banking

Project Overview

"Scotia Bank uses AI to analyze customer behavior for eg: figure out the best way to interact with customers who may have simply forgotten to pay versus those less likely to pay at all. A simple nudge via text message might be more effective than call. The DeepLearni.ng tool predicts possible delinquencies faster and suggests collection options based on the type of customer such as a forgetful payer. It analyzes individual customer behavior, looks for patterns and correlates it with other data pulled from the bank’s enterprise data lake. It then suggests the best time and method, such as email or text message, to reach credit card customers about payments."

Reported Results

Results undisclosed

Technology

Function

Finance

Accounts Payable And Receivable

Background

Bank of Nova Scotia has 5 million Canadian credit card customers and wants to integrate AI into its operations

Benefits

Data

Structured transaction data