Scotiabank empowers customers to take control of their investments with the launch of Scotia Smart Investor

Digital Reinvention
10/02/2023 News

Scotiabank empowers customers to take more control over their investments with the launch of Scotia Smart Investor via Advice+, an all-new platform that aligns solutions to customer goals by blending AI-powered recommendations and personalized advice in real-time.

Scotia Smart Investor, launched through Scotiabank's affiliated mutual fund dealer, Scotia Securities Inc., simplifies and integrates the investment journey, through an AI-powered advice engine that helps customers create, plan, monitor, and update their financial goals, and is available directly to consumers through mobile and online, supported by expert advice offered in-person at the branches or virtually.

Scotiabank has been servicing customers using Scotia Smart Investor since early 2022. Customers now have access to the same platform through their online and mobile devices. Recommendations include savings and investments, with product availability spanning across short-term investing via High Interest Savings Accounts and GICs, and longer-term investments with mutual funds, all aligned to the customer's investment objective, time horizon and risk profile.

Scotia Smart Investor launches at a time when Canadians are looking for more control over their investments, while still having access to personalized advice from a trusted Scotiabank advisor. According to a recent Scotiabank Investor Sentiment Survey, 28% of Canadian investors manage at least some or all their investments on their own, while just 5% of investors said that they use automated online investment services.  About 70% of investors use a financial advisor to help them manage their investments. Scotia Smart Investor provides flexibility based on each customer's preferences.i

"Consumers now play a more active role in managing their finances – especially with the range of online tools available through Scotiabank's Advice+ Centre," said James Popalis, Vice President of Retail Performance, Scotiabank. "With the access and insight that comes from self-directed investing, consumers want to feel empowered and in control, yet, to invest confidently, the value of professional, personalized advice has never been more important. Scotia Smart Investor will help them achieve their financial goals by providing them with the advice, control, and confidence to invest by themselves or book an appointment with a licensed advisor."

Scotiabank launches Scotia Smart Investor through an exclusive partnership with SigFig, a US-based financial technology firm, allowing Scotiabank to be the first financial institution to offer Sig Fig's proprietary technology to customers in Canada

"SigFig is proud to bring our digital investing platform to Scotiabank's customers. It's especially important for those in the early process of building wealth to have access to the right financial solutions based on their goals and time horizons," said Mike Sha, CEO and Co-Founder, SigFig. "Together we are creating an accessible, flexible and stress-free planning and advice experience, transforming the way customers engage with Scotiabank."

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