Scotiabank Wins Best Transformation Award
May 4, 2023
SimCorp, a global provider of investment management solutions, today announced that Scotiabank, one of North America’s leading investment managers, has received the 2023 Best Transformation Project award for its exceptional commitment to technology innovation and operational efficiency.
SimCorp’s annual award recognizes buy-side firms that have effectively navigated market complexities and transformed their operating models to fulfill growth ambitions. This is the 13th year of the award, and Scotiabank's ability to continuously improve its technological infrastructure has earned it the top spot.
Scotiabank's recognition comes after a decade of significant growth in assets under management, which is a testament to their success. In 2022, Scotiabank’s AUM totaled $ 311 billion compared to $ 115 billion in 2012, corresponding to a growth of 170 percent.
Most recently, Scotiabank migrated to a cloud-based SaaS solution in 2022. This resulted in several desired operational outcomes, notably more than a 40% improvement in overnight processes, enabling portfolio managers, traders, and risk managers with more timely oversight over their positions.
Another improvement from the transformation project was that Scotiabank’s system uptime readiness grew, resulting in a faster and more stable platform.
Consequently, Scotiabank acknowledged the challenges posed by a market with increasing business and asset class complexities, as well as evolving regulations, such as the pending T+1 regulation, required making sure that its operating model could fulfill its future growth ambitions.
The award was announced at SimCorp’s Global Summit in Stockholm where more than 900 industry peers from across the world were gathered for three days of knowledge sharing.
“We are honored to be recognized by SimCorp for the successful transformation of such a critical part of our business,” said Omar Syed, vice president Global Asset Management Technology, Scotiabank. “Our partnership with SimCorp has improved our highly functional and effective investment operation, and enabled our migration to a cloud-based solution. These projects have delivered many benefits to Scotiabank’s operating model, and we plan to continue to pursue initiatives that will increase our operational agility and efficiency for every future.”
Christian Kromann, CEO at SimCorp, commented: “Scotiabank has undergone an impressive growth journey over the past decade and has demonstrated the willingness to future-proof its operating model to cater for its growth to continue in the years to come. More and more market participants recognize that operating efficiently in a market with increasing levels of complexity requires tight system integration across the value chain. In this new era of accelerating cost pressure, change and uncertainty, you need an operating model that is highly efficient, flexible, and scalable at the same time, which Scotiabank is a prime example of.”
The previous winners of SimCorp’s annual award are AIDA, Temasek, Bank of Thailand, Storebrand Asset Management, CNP Assurances, Unigestion, Ashmore Investment Management, Challenger Limited, Nordea Asset Management, MEAG, Dealis Fund Operations and Edmond de Rothschild Asset Management.
SimCorp offers industry-leading, integrated investment management solutions.
Our platform and ecosystem, comprising partners, services, and third-party connectivity empowers us to provide 40% of the world’s top 100 financial companies with the efficiency and flexibility needed to succeed.
With over 25 offices around the world, and more than 2,200 employees, we are a truly global, collaborative team that connects every continent and industry seamlessly.
For more information, see www.simcorp.com.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as of January 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).
Søren Rathlou Top, Global PR & Communications Manager at SimCorp
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