Scotiabank is working with Google Cloud to drive customer engagement, deploy new technology and modernize its operations. 

Prioritizing cloud investment, the $1.4 trillion Canadian bank reported a tech spend of $2.3 billion in 2024, up 10% year over year, according to its annual report, published today.

As part of its broader tech efforts, the bank deepened its relationship with Google Cloud this year, making the tech giant its primary cloud provider. 

Toronto-based Scotia aims to use Google Cloud for: 

• Cloud-based cybersecurity solutions; 

• Generative AI chatbot solutions; 

• Modernizing its core operations; and 

• Leveraging its data and analytics for personalization. 

Scotiabank is not alone; other major financial institutions also tapping Google Cloud for cybersecurity, gen AI solutions and anti-money laundering capabilities are Citi, HSBC and Santander.  

BY THE NUMBERS: During the fourth quarter, which ended Oct. 31, Scotia reported: 

• Revenue of $8.5 billion, up 3% YoY; 

• Tech spend of $610 million, up 8% YoY; and 

• Net income of $1.7 billion, up 25% YoY. 

OF NOTE: Scotiabank announced Aug. 12 that it will acquire a 14.2% stake in Cleveland-based KeyCorp for $2.9 billion in an acquisition expected to close by the end of fiscal Q1. 

The acquisition will help Scotia deliver double-digit growth in its net interest income from 2026, Scott Thomson, president and chief executive of Scotiabank, said during today’s earnings call.   

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