In order to address the rapid change within its industry, a Canadian banking giant has invested in Western students with an eye toward “home-grown Canadian innovation.”
On Thursday, Brian Porter, Scotiabank President and CEO, announced $3 million in funding to create the Scotiabank Digital Banking Lab at the Ivey Business School.
Porter made the announcement, during his keynote address, as part of the J.C. Taylor Distinguished Lecture in Finance. The funding is part of a collaborative partnership between Scotiabank and Ivey, focused on digital banking, which will help generate thought leadership and develop future talent in the digital space.
“In this day and age, it’s impossible to separate our digital strategy from the bank’s overall strategy. Digitizing our customer interfaces, our distribution channels and our internal processes are all critical to delivering on our overall vision to provide a consistently excellent customer experience,” Porter said. “We are proud to partner with Ivey to create the Scotiabank Digital Banking Lab and look forward to seeing the outcomes from this exciting new collaboration.”
The partnership will include research projects that address the impact of digitization and disruption in the financial sector; internships and field study for Ivey students at Scotiabank and the Scotiabank Digital Factory; and co-sponsorship of digital events that showcase Scotiabank’s and Ivey’s leadership in adapting to and embracing digital change.
Ivey Dean Robert Kennedy looks forward to the linkage between Western’s business school and a “global leader in emerging digital business issues.”
“Our partnership will help to shape the future of finance and banking, advance academic and practitioner research and provide exciting learning experiences for Ivey students,” Kennedy said. “I would like to thank Scotiabank for their leadership and support and together I’m confident we can drive home-grown Canadian innovation to address the challenges facing the finance sector.”
