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.” It’s an investment, Ivey Business School officials say, that will provide exciting learning experiences for Ivey students.
Earlier this year, Brian Porter, Scotiabank President and CEO, announced $3 million in funding to create the Scotiabank Digital Banking Lab at the Ivey Business School.
“We have a long history and strong relationship with Western and Ivey. In this digital age, we saw an opportunity to strengthen our relationship and deliver even greater value. To successfully grow the bank’s digital capabilities, we must foster innovative thinking and research, attract the right talent and create opportunities to showcase our digital commitment,” Porter said.
“This partnership involves a $3-million investment by Scotiabank, and is aimed at driving significant value. This new lab includes many exciting opportunities.”
The partnership will include research projects and case studies addressing 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.
Most of the programs will start in fall 2016.
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.”
Headed by Ivey professors Jean-Philippe Vergne and Michael King, the lab will build on the work of these digital disruption scholars through access to “really, really relevant data,” Kennedy said.
“Scotiabank is going to be sharing a lot of their data that will inform our research. And they are going to participate in how we share some of that research,” he continued. “That will be a really fruitful relationship.
“Five years out, we’re going to be getting both academic and practitioner research out that sheds light on this digital disruption in finance. And Scotiabank will have a real presence with us – sharing their cutting-edged insights with students in our various programs. That is what success is going to look like.”
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.
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