# The Bank of Nova Scotia (Scotiabank) competitors: and the alternatives

Source: https://www.bankingnewsai.com/banks/scotiabank/competitors
Last updated: Oct 20, 2026

*Part of the [The Bank of Nova Scotia (Scotiabank) AI strategy profile](https://www.bankingnewsai.com/banks/scotiabank). Peer group: Bank of Montreal (BMO Financial Group), The Toronto-Dominion Bank (TD Bank Group), Royal Bank of Canada, CIBC Bank USA, BBVA, Banco Santander, Citigroup.*

## Who are The Bank of Nova Scotia (Scotiabank)'s competitors, and what are the alternatives?

Scotiabank competes in two arenas. At home, its 2025 Annual Information Form says it competes nationwide against other large widely held banks in a system of 35 domestic banks, 15 foreign banks and numerous credit unions; its performance comparator group is BMO, CIBC, RBC, TD and National Bank, and The Globe and Mail says those six lenders hold more than 90% of Canadian banking market share (March 2026). In personal banking, JD Power's 2026 study ranks RBC highest among the Big Five, with BMO and CIBC tied second, while Scotiabank's Tangerine leads midsize banks for a 15th year. In wealth, Scotiabank says it is Canada's third-largest wealth business by net income; RBC claims the largest. In capital markets it ranked fourth in Canadian M&A and third in debt capital markets in 2025, against RBC's claimed number one. Abroad, it is a member of Mexico's G7 of banks that hold 70.6% of assets, where BBVA Mexico leads with 25.6% of credit; it holds 13.2% of Chilean loans behind Santander-Chile, Banco de Chile, BancoEstado and BCI; and 13.2% of Peruvian consumer loans behind BCP, BBVA and Interbank. Non-banks press hardest in Canadian investing and payments, where Wealthsimple grew from C$50 billion to over C$100 billion of assets in 2025, and in Mexican retail, where Nu became a bank in August 2026 with 16 million customers. ([The Bank of Nova Scotia (SEC filing)](https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350dex991.htm), [Scotiabank (The Bank of Nova Scotia)](https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf), [The Globe and Mail](https://www.theglobeandmail.com/business/article-wealthsimple-financial-swift-global-financial/), [JD Power via Financial Post](https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf), [Royal Bank of Canada (SEC filing)](https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf), [Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm), [Banco Santander-Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm), [Intercorp Financial Services (SEC filing)](https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm), [Financial Post](https://financialpost.com/fp-finance/banking/wealthsimples-michael-katchen-take-on-big-six-2026), [Nu](https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6))

## What does Scotiabank say about its competition?

Scotiabank's Annual Information Form (filed with its Form 40-F on December 2, 2025), "Competition": "The Canadian banking system consists of numerous banks and other financial institutions. Certain large Canadian banks are required by law to be widely held because their equity exceeds a threshold of $12 billion. These banks compete nationwide through extensive branch networks, ABMs, telephone, internet and mobile banking offerings. In total, the Canadian system includes 35 domestic banks, 15 foreign banks and numerous credit unions and caisses populaires." ([The Bank of Nova Scotia (SEC filing)](https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350dex991.htm))

The same section continues: "Competition is reflected in the range of products and services offered, innovation in features, services, technology and delivery, as well as the various pricing schemes adopted. Additionally, a growing number of service providers in the Canadian marketplace are offering alternative channels and competition in the payments space. The increased number of new entrants into the financial services sector in recent years has also underscored an enhanced level of competition." Outside Canada: "The Bank is a global financial services provider offering a diverse range of products and services, including personal, commercial, corporate and investment banking. In providing these services and products, the Bank competes with local and international banks and other financial institutions." ([The Bank of Nova Scotia (SEC filing)](https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350dex991.htm))

The 2025 Annual Report's risk section ties competition to AI: "Maintaining competitiveness through AI adoption including Gen AI, Agentic AI and LLM is vital for the Bank", and "Rapid adoption and ease of use of Gen AI and Agentic AI technologies also leads to increased competitive pressures from non-regulated FinTech companies that have lower cost structures and regulator oversight." On technology modernization it says: "Managing legacy IT platforms to stay competitive with digital-first players that offer faster, cheaper, and more accessible services requires the Bank to continue investing in digital infrastructure". Its cautionary statement lists "increased competition in the geographic and business areas in which we operate, including through internet and mobile banking and non-traditional competitors". ([Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf))

Scotiabank's 2026 proxy circular names the rivals it measures itself against: "Our performance comparator group, which we use to assess relative performance in our mid-term incentive plan, comprises Canada's largest banks: Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, TD Bank, and National Bank." The annual report's CEO letter adds that in Mexico "Scotiabank finished the year as the fourth-largest bank by loan portfolio". ([Scotiabank (The Bank of Nova Scotia)](https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf))

## Who competes with Scotiabank in each of its businesses?

| Business line | Competitor | Type | Why it competes |
| --- | --- | --- | --- |
| Canadian personal and business banking | [RBC](https://www.bankingnewsai.com/banks/rbc) | Bank | RBC's 2025 annual report names The Bank of Nova Scotia among the four Canadian peers behind its claim to be number one in market share among the Big Five; RBC ranked highest among the Big Five in JD Power's 2026 Canada retail banking study (619 points). ([Royal Bank of Canada (SEC filing)](https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf), [JD Power via Financial Post](https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs)) |
| Canadian personal and business banking | [TD Bank Group](https://www.bankingnewsai.com/banks/td-bank-group) | Bank | TD is in Scotiabank's performance comparator group and one of the six lenders The Globe and Mail says hold more than 90% of Canadian banking market share; JD Power ranked it fourth among the Big Five in 2026 (610 points). ([Scotiabank (The Bank of Nova Scotia)](https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf), [The Globe and Mail](https://www.theglobeandmail.com/business/article-wealthsimple-financial-swift-global-financial/), [JD Power via Financial Post](https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs)) |
| Canadian personal and business banking | [BMO Financial Group](https://www.bankingnewsai.com/banks/bmo-group) | Bank | Bank of Montreal is in Scotiabank's performance comparator group and, at C$1,538.7 billion of total assets on July 31, 2026, is almost the same size as Scotiabank's C$1,548 billion; JD Power ranked BMO tied second among the Big Five (611). ([Scotiabank (The Bank of Nova Scotia)](https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf), [Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000092797126000108/q32026mda.htm), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2026/q3/Q326_Shareholders_Report-EN.pdf), [JD Power via Financial Post](https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs)) |
| Canadian personal and business banking | CIBC (Canadian Imperial Bank of Commerce) | Bank | Canadian Imperial Bank of Commerce is in Scotiabank's performance comparator group and tied BMO for second among the Big Five in JD Power's 2026 Canada retail banking study (611 points). ([Scotiabank (The Bank of Nova Scotia)](https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf), [JD Power via Financial Post](https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs)) |
| Canadian personal and business banking | National Bank of Canada | Bank | National Bank is the fifth member of Scotiabank's performance comparator group and one of the six lenders that The Globe and Mail says hold more than 90% of Canadian banking market share. ([Scotiabank (The Bank of Nova Scotia)](https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf), [The Globe and Mail](https://www.theglobeandmail.com/business/article-wealthsimple-financial-swift-global-financial/)) |
| Canadian personal and business banking | Credit unions and caisses populaires | Credit union | Scotiabank's Annual Information Form counts numerous credit unions and caisses populaires alongside 35 domestic and 15 foreign banks in the Canadian system it competes in. ([The Bank of Nova Scotia (SEC filing)](https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350dex991.htm)) |
| Canadian personal and business banking | Wealthsimple | Fintech | Wealthsimple says three million clients use it for everyday banking and joined Swift in March 2026 to offer international transfers cheaper than its larger Canadian competitors'; its CEO said it would take about C$40 billion of net deposits in 2025, probably a top-three figure. ([The Globe and Mail](https://www.theglobeandmail.com/business/article-wealthsimple-financial-swift-global-financial/), [Financial Post](https://financialpost.com/fp-finance/banking/wealthsimples-michael-katchen-take-on-big-six-2026)) |
| Wealth management and self-directed investing in Canada | [RBC Wealth Management](https://www.bankingnewsai.com/banks/rbc) | Bank | RBC says it runs the largest full-service wealth advisory business and the largest mutual fund company in Canada; Scotiabank ranks itself the third-largest Canadian wealth business by net income and its asset manager second in retail mutual funds among bank-owned peers. ([Royal Bank of Canada (SEC filing)](https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |
| Wealth management and self-directed investing in Canada | Wealthsimple | Fintech | JD Power's 2026 Canadian investor study ranked Wealthsimple highest for DIY investor satisfaction (708 points) and Scotia iTRADE at 599; Wealthsimple's CEO says it opened 35% of all First Home Savings Accounts since the account was introduced. ([The Globe and Mail](https://www.theglobeandmail.com/business/article-fintechs-lead-diy-investor-satisfaction-jd-power-survey-finds/), [Financial Post](https://financialpost.com/fp-finance/banking/wealthsimples-michael-katchen-take-on-big-six-2026)) |
| Wealth management and self-directed investing in Canada | Questrade | Broker or asset manager | Questrade ranked second in JD Power's 2026 DIY investor satisfaction study (661 points), ahead of the self-directed brokerages of the six major banks, including Scotia iTRADE (599). ([The Globe and Mail](https://www.theglobeandmail.com/business/article-fintechs-lead-diy-investor-satisfaction-jd-power-survey-finds/)) |
| Wealth management and self-directed investing in Canada | [BMO InvestorLine](https://www.bankingnewsai.com/banks/bmo-group) | Bank | BMO's self-directed brokerage sat beside Scotia iTRADE at the bottom of JD Power's 2026 DIY ranking (585 against 599); Scotiabank's annual report says iTRADE ranked second among the Big 5 banks in MoneySense's 2025 online broker ranking. ([The Globe and Mail](https://www.theglobeandmail.com/business/article-fintechs-lead-diy-investor-satisfaction-jd-power-survey-finds/), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |
| Global Banking and Markets: Canada, the US and Latin America | [RBC Capital Markets](https://www.bankingnewsai.com/banks/rbc) | Bank | RBC claims the number one Canadian investment bank on Dealogic share and ranks its capital markets revenue against BMO, Scotiabank, CIBC, TD and National Bank; Scotiabank ranked fourth in Canadian M&A and third in debt capital markets in 2025. ([Royal Bank of Canada (SEC filing)](https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |
| Global Banking and Markets: Canada, the US and Latin America | [BMO Capital Markets](https://www.bankingnewsai.com/banks/bmo-group) | Bank | BMO is one of the five Canadian bank-owned dealers RBC uses to rank capital markets revenue, a set that includes Scotiabank's Global Banking and Markets. ([Royal Bank of Canada (SEC filing)](https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf)) |
| Global Banking and Markets: Canada, the US and Latin America | [TD Securities](https://www.bankingnewsai.com/banks/td-bank-group) | Bank | TD is another of the five Canadian peers in RBC's capital markets ranking; in the US, where Scotiabank ranked 18th in debt capital markets in 2025, RBC says its own competitors include large global investment banks. ([Royal Bank of Canada (SEC filing)](https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |
| Global Banking and Markets: Canada, the US and Latin America | [Banco Santander](https://www.bankingnewsai.com/banks/santander) | Bank | Santander's 2025 Form 20-F lists Scotiabank among the peers in its Infralogic ranking of renewable energy financing banks, which Santander led with EUR 12,244 million across 100 transactions; Scotiabank ranks fifth in Latin American M&A and second in equity capital markets. ([Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |
| International Banking: Mexico | [BBVA Mexico](https://www.bankingnewsai.com/banks/bbva) | Bank | BBVA's 2025 Form 20-F names Scotiabank in Mexico's G7 group of banks, which held 70.6% of bank assets in October 2025; BBVA Mexico raised its share of credit to 25.6% while Scotiabank lost credit share and had the largest deposit-share drop in the group (-0.3%). ([Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm)) |
| International Banking: Mexico | [Santander Mexico](https://www.bankingnewsai.com/banks/santander) | Bank | Santander's 2025 Form 20-F lists Scotiabank among its official peer group in Mexico, where Santander ranked third on customer satisfaction (NPS) in 2025; BBVA's 20-F says Santander gained credit share in 2025. ([Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm)) |
| International Banking: Mexico | Banorte | Bank | BBVA's 20-F places Banorte with Scotiabank in Mexico's G7 group and says Banorte gained credit share in 2025; Santander lists Banorte with Scotiabank among its Mexican peers. ([Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm), [Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| International Banking: Mexico | Banamex | Bank | BBVA's 20-F names Banamex in Mexico's G7 and says it gained 0.3 points of asset share and 0.4 points of credit share in 2025, while Scotiabank lost share. ([Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm)) |
| International Banking: Mexico | [Nu Mexico](https://www.bankingnewsai.com/fintech/nubank) | Fintech | Santander's 20-F lists Nubank with Scotiabank among its Mexican peers; Nu Mexico converted to a commercial bank on August 6, 2026 as Mexico's largest digital bank with 16 million customers. ([Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Nu](https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6)) |
| International Banking: Chile | [Santander-Chile](https://www.bankingnewsai.com/banks/santander) | Bank | Santander-Chile's 2025 Form 20-F lists Scotiabank Chile in its peer group: Santander-Chile held 16.7% of Chilean loans and 17.0% of deposits at December 31, 2025, against Scotiabank Chile's 13.2% and 10.3% (FMC data). ([Banco Santander-Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm)) |
| International Banking: Chile | Banco de Chile | Bank | Banco de Chile's 2025 Form 20-F names Scotiabank Chile among its primary competitors and among its strongest in retail, wholesale and small and medium-sized business banking; it puts Scotiabank Chile's share of loans at 13.1%. ([Banco de Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1161125/000121390026050243/ea0283244-20f_bancode.htm)) |
| International Banking: Chile | BCI and BancoEstado | Bank | Santander-Chile's 20-F ranks BancoEstado (15.9% of loans) and Banco de Crédito e Inversiones (14.3%) ahead of Scotiabank Chile (13.2%), and BancoEstado first in deposits with 19.8%. ([Banco Santander-Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm)) |
| International Banking: Peru | BCP (Banco de Crédito del Perú) | Bank | Intercorp's 2025 Form 20-F counts BCP, BBVA Perú, Interbank and Scotiabank Perú as Peru's four largest banks and gives BCP 25.7% of gross consumer loans at December 31, 2025, against Scotiabank's 13.2%. ([Intercorp Financial Services (SEC filing)](https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm)) |
| International Banking: Peru | [BBVA Peru](https://www.bankingnewsai.com/banks/bbva) | Bank | BBVA Perú held 19.6% of Peruvian consumer loans at December 31, 2025 against Scotiabank's 13.2%, per Intercorp's 20-F, which names both among the four largest banks. ([Intercorp Financial Services (SEC filing)](https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm)) |
| International Banking: Peru | Interbank | Bank | Interbank says it is Peru's third-largest consumer lender with 19.1% of gross consumer loans, ahead of Scotiabank's 13.2%; with BBVA and Scotiabank it launched the Plin person-to-person and QR payment app in 2020. ([Intercorp Financial Services (SEC filing)](https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm)) |
| International Banking: Peru | [Santander Consumer (Peru)](https://www.bankingnewsai.com/banks/santander) | Non-bank lender | Santander bought CrediScotia Financiera, Scotiabank's Peruvian consumer finance subsidiary, in the first quarter of 2025, and says the deal expands its consumer presence in Peru. ([Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |

## How do the AI and digital offerings of Scotiabank's competitors compare?

Scotiabank first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.

| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
| --- | --- | --- | --- |
| [The Bank of Nova Scotia (Scotiabank) (this page)](https://www.bankingnewsai.com/banks/scotiabank) | Scotia Intelligence and Scotia Navigator ([Scotiabank (CNW via Yahoo Finance)](https://finance.yahoo.com/news/scotiabank-launches-scotia-intelligence-empowering-145000695.html), [Scotiabank (CNW via Yahoo Finance)](https://finance.yahoo.com/news/scotiabank-accelerates-enterprise-adoption-ai-120000272.html), [Scotiabank (CNW via Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/scotiabank-equips-employees-ai-powered-120000781.html), [Yahoo Finance](https://finance.yahoo.com/quote/BNS/earnings/BNS-Q2-2026-earnings_call-566349.html), [PYMNTS](https://pymnts.com/news/artificial-intelligence/2026/scotiabank-equips-global-staff-with-new-scotia-intelligence-ai)) | [Index 75.5 (#33); 17 use cases, 12 in production](https://www.bankingnewsai.com/banks/scotiabank) | Evident AI Index 2026: 30th of 50 (Oct 6, 2026) ([Financial Post](https://financialpost.com/technology/td-ai-top-10-global-bank-index)) |
| [RBC](https://www.bankingnewsai.com/banks/rbc) | RBC Assist and Aiden used by more than 72,000 employees; AI credit-limit models extended close to C$300 million of extra credit to newcomers ([Royal Bank of Canada (CNW via Financial Post)](https://financialpost.com/press-releases/pr-newswire/rbc-maintains-top-three-leadership-position-globally-for-ai-maturity-in-financial-services)) | [Index 80.2 (#20); 15 use cases, 11 in production](https://www.bankingnewsai.com/banks/rbc) | OSFI semi-annual risk outlook centres on frontier AI (Oct 8, 2026) ([Office of the Superintendent of Financial Institutions](https://www.osfi-bsif.gc.ca/en/about-osfi/reports-publications/annual-risk-outlook-semi-annual-update-fiscal-year-2026-2027)) |
| [TD Bank Group](https://www.bankingnewsai.com/banks/td-bank-group) | Agentic mortgage model cut pre-adjudication from an average of 15 hours to under three minutes ([TD Bank Group](https://stories.td.com/ca/en/news/2026-05-21-td-launches-agentic-ai-to-transform-real-estate-secured-lend)) | [Index 75.3 (#34); 15 use cases, 8 in production](https://www.bankingnewsai.com/banks/td-bank-group) | Agentic AI extended to mortgage funding and discharge (Oct 13, 2026) ([TD Bank Group (Canada Newswire via Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/td-expands-agentic-ai-across-093000362.html), [Investing.com](https://investing.com/news/transcripts/td-bank-at-scotiabank-summit-profit-gains-ai-push-lift-outlook-93CH-4894177)) |
| [BMO Financial Group](https://www.bankingnewsai.com/banks/bmo-group) | Lumi knowledge assistant over more than 8,000 policies; personalised offers worth about C$85 million a year in Canadian personal and business banking ([BMO Financial Group](https://www.bmo.com/en-ca/main/about-bmo/news-insights/blog/meet-lumi-assistant-bmos-award-winning-ai-tool-empowering-team-bmo/), [BMO Financial Group (investor relations)](https://www.bmo.com/ir/files/pdfs/BMOInvestorDayPresentation.pdf)) | [Index 73.2 (#38); 17 use cases, 12 in production](https://www.bankingnewsai.com/banks/bmo-group) | Evident AI Index 2026: top 20 overall, #2 for reported outcomes (Oct 6, 2026) ([BMO (CNW via FT Markets)](https://markets.ft.com/data/announce/full?dockey=600-202610060700CANADANWCANADAPR_C6630-1), [The Globe and Mail](https://www.theglobeandmail.com/business/article-banking-ai-rbc-td-cibc-bmo-scotiabank-bottom-lines-report/)) |
| CIBC (Canadian Imperial Bank of Commerce) | Not disclosed | No profile | Not disclosed |
| National Bank of Canada | Not disclosed | No profile | Not disclosed |
| Credit unions and caisses populaires | Not disclosed | No profile | Not disclosed |
| Wealthsimple | Not disclosed | No profile | Not disclosed |
| [RBC Wealth Management](https://www.bankingnewsai.com/banks/rbc) | RBC Assist onboarded for 100% of Canadian wealth advisors; meeting-preparation pilots save 30 to 40 minutes ([Royal Bank of Canada (CNW via Yahoo Finance)](https://finance.yahoo.com/news/rbc-wealth-management-wins-dual-120100197.html)) | [Index 80.2 (#20); 15 use cases, 11 in production](https://www.bankingnewsai.com/banks/rbc) | OSFI semi-annual risk outlook centres on frontier AI (Oct 8, 2026) ([Office of the Superintendent of Financial Institutions](https://www.osfi-bsif.gc.ca/en/about-osfi/reports-publications/annual-risk-outlook-semi-annual-update-fiscal-year-2026-2027)) |
| Questrade | Not disclosed | No profile | Not disclosed |
| [BMO InvestorLine](https://www.bankingnewsai.com/banks/bmo-group) | Wealth AI tools assisting more than 400,000 hours a year; Rovr assistant for all insurance advisors ([BMO AI Hub](https://ai.bmo.com/our-stories/helping-wealth-professionals-focus-on-what-matters-most)) | [Index 73.2 (#38); 17 use cases, 12 in production](https://www.bankingnewsai.com/banks/bmo-group) | Evident AI Index 2026: top 20 overall, #2 for reported outcomes (Oct 6, 2026) ([BMO (CNW via FT Markets)](https://markets.ft.com/data/announce/full?dockey=600-202610060700CANADANWCANADAPR_C6630-1), [The Globe and Mail](https://www.theglobeandmail.com/business/article-banking-ai-rbc-td-cibc-bmo-scotiabank-bottom-lines-report/)) |
| [RBC Capital Markets](https://www.bankingnewsai.com/banks/rbc) | Aiden used by more than 8,000 Capital Markets staff ([Royal Bank of Canada](https://rbc.com/newsroom/article.html?article=126074)) | [Index 80.2 (#20); 15 use cases, 11 in production](https://www.bankingnewsai.com/banks/rbc) | OSFI semi-annual risk outlook centres on frontier AI (Oct 8, 2026) ([Office of the Superintendent of Financial Institutions](https://www.osfi-bsif.gc.ca/en/about-osfi/reports-publications/annual-risk-outlook-semi-annual-update-fiscal-year-2026-2027)) |
| [BMO Capital Markets](https://www.bankingnewsai.com/banks/bmo-group) | BMO Institute for Applied AI & Quantum, Lumi and Aura ([BMO Financial Group](https://newsroom.bmo.com/2026-04-09-BMO-Establishes-Institute-for-Applied-Artificial-Intelligence-Quantum), [BMO Financial Group](https://www.bmo.com/en-ca/main/about-bmo/news-insights/blog/meet-lumi-assistant-bmos-award-winning-ai-tool-empowering-team-bmo/), [BMO Financial Group (BMO AI Hub)](https://ai.bmo.com/our-stories/aura-helping-power-bmos-goal-of-50-faster-underwriting-by-2028), [Motley Fool via Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/bmo-bmo-q3-2026-earnings-174320317.html), [The Globe and Mail (Canadian Press)](https://theglobeandmail.com/business/article-artificial-intelligence-literacy-tech-finance-employers), [Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm)) | [Index 73.2 (#38); 17 use cases, 12 in production](https://www.bankingnewsai.com/banks/bmo-group) | Evident AI Index 2026: top 20 overall, #2 for reported outcomes (Oct 6, 2026) ([BMO (CNW via FT Markets)](https://markets.ft.com/data/announce/full?dockey=600-202610060700CANADANWCANADAPR_C6630-1), [The Globe and Mail](https://www.theglobeandmail.com/business/article-banking-ai-rbc-td-cibc-bmo-scotiabank-bottom-lines-report/)) |
| [TD Securities](https://www.bankingnewsai.com/banks/td-bank-group) | Layer 6, TD AI Prism and the agentic RESL model ([TD Bank Group](https://stories.td.com/ca/en/news/2025-06-11-td-announces-launch-of-groundbreaking-predictive-foundation), [American Banker](https://www.americanbanker.com/news/td-banks-maksims-volkovs-is-4-on-the-most-innovative-people-in-finance-ranking), [TD Bank Group](https://stories.td.com/ca/en/news/2026-05-21-td-launches-agentic-ai-to-transform-real-estate-secured-lend), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/td-td-q3-2026-earnings-132153119.html), [Motley Fool (The Globe and Mail)](https://theglobeandmail.com/investing/markets/stocks/TD/pressreleases/2205931/td-td-q2-2026-earnings-call-transcript)) | [Index 75.3 (#34); 15 use cases, 8 in production](https://www.bankingnewsai.com/banks/td-bank-group) | Agentic AI extended to mortgage funding and discharge (Oct 13, 2026) ([TD Bank Group (Canada Newswire via Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/td-expands-agentic-ai-across-093000362.html), [Investing.com](https://investing.com/news/transcripts/td-bank-at-scotiabank-summit-profit-gains-ai-push-lift-outlook-93CH-4894177)) |
| [Banco Santander](https://www.bankingnewsai.com/banks/santander) | Automated Pricer in global markets ([Banco Santander](https://santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2026/q2/rt-q2-2026-banco-santander-financial-report-en.pdf)) | [Index 71.3 (#46); 19 use cases, 11 in production](https://www.bankingnewsai.com/banks/santander) | Santander AI Lab releases the A2K protocol suite (Sep 23, 2026) ([Banco Santander](https://www.santander.com/en/stories/a2k-a-new-protocol-for-connecting-ai-agents-to-governed-auditable-enterprise-knowledge)) |
| [BBVA Mexico](https://www.bankingnewsai.com/banks/bbva) | Voice agents resolve close to 90% of interactions in production pilots in Peru and Mexico; AI analyses more than 220,000 monthly calls in Mexico ([BBVA](https://www.bbva.com/en/innovation/bbva-creates-a-model-to-scale-ai-across-the-group-and-drive-its-customer-centric-transformation/), [BBVA](https://bbva.com/en/innovation/bbva-goes-beyond-satisfaction-surveys-and-uses-ai-to-measure-the-real-customer-experience)) | [Index 77.2 (#27); 19 use cases, 12 in production](https://www.bankingnewsai.com/banks/bbva) | First European bank to join the Poppy agent protocol (Oct 13, 2026) ([BBVA](https://www.bbva.com/en/innovation/bbva-helps-design-a-common-protocol-led-by-sierra-ai-and-meta-to-connect-ai-agents-with-businesses/)) |
| [Santander Mexico](https://www.bankingnewsai.com/banks/santander) | Getnet's first real-world AI-agent payment case in Mexico with Mastercard Agent Pay ([Banco Santander](https://www.santander.com/en/press-room/press-releases/2026/06/getnet-develops-infrastructure-that-enables-businesses-to-accept-ai-agent-initiated-payments)) | [Index 71.3 (#46); 19 use cases, 11 in production](https://www.bankingnewsai.com/banks/santander) | Santander AI Lab releases the A2K protocol suite (Sep 23, 2026) ([Banco Santander](https://www.santander.com/en/stories/a2k-a-new-protocol-for-connecting-ai-agents-to-governed-auditable-enterprise-knowledge)) |
| Banorte | Not disclosed | No profile | Not disclosed |
| Banamex | Not disclosed | No profile | Not disclosed |
| [Nu Mexico](https://www.bankingnewsai.com/fintech/nubank) | nuFormer foundation model in production for credit-card underwriting in Mexico ([Nu](https://nu.com/en/newsroom/company/nu-holdings-ltd-reports-second-quarter-2026-financial-results)) | [7 use cases, 5 in production](https://www.bankingnewsai.com/fintech/nubank) | Nu says it is not pursuing a Monzo deal (Sep 30, 2026) ([Nu Holdings via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1691493/000129281426004752/nu20260930_6k.htm)) |
| [Santander-Chile](https://www.bankingnewsai.com/banks/santander) | Group Data & AI function inside ONE Transformation, with a multi-provider model stack ([Banco Santander](https://santander.com/en/stories/santander-turns-its-ai-first-strategy-into-measurable-impact-and-extends-ai-access-to-all-185000-employees), [Banco Santander](https://santander.com/content/dam/santander-com/en/documentos/informe-financiero-anual/2025/ifa-2025-consolidated-annual-financial-report-en.pdf), [Banco Santander](https://www.santander.com/en/stories/driving-our-transformation-with-the-creation-of-the-global-data-ai-function)) | [Index 71.3 (#46); 19 use cases, 11 in production](https://www.bankingnewsai.com/banks/santander) | Santander AI Lab releases the A2K protocol suite (Sep 23, 2026) ([Banco Santander](https://www.santander.com/en/stories/a2k-a-new-protocol-for-connecting-ai-agents-to-governed-auditable-enterprise-knowledge)) |
| Banco de Chile | Not disclosed | No profile | Not disclosed |
| BCI and BancoEstado | Not disclosed | No profile | Not disclosed |
| BCP (Banco de Crédito del Perú) | Not disclosed | No profile | Not disclosed |
| [BBVA Peru](https://www.bankingnewsai.com/banks/bbva) | Internal query assistant used by more than 3,000 employees in Peru; voice agents in production pilots ([BBVA](https://www.bbva.com/en/innovation/bbva-creates-a-model-to-scale-ai-across-the-group-and-drive-its-customer-centric-transformation/)) | [Index 77.2 (#27); 19 use cases, 12 in production](https://www.bankingnewsai.com/banks/bbva) | First European bank to join the Poppy agent protocol (Oct 13, 2026) ([BBVA](https://www.bbva.com/en/innovation/bbva-helps-design-a-common-protocol-led-by-sierra-ai-and-meta-to-connect-ai-agents-with-businesses/)) |
| Interbank | Not disclosed | No profile | Not disclosed |
| [Santander Consumer (Peru)](https://www.bankingnewsai.com/banks/santander) | Group Data & AI function inside ONE Transformation, with a multi-provider model stack ([Banco Santander](https://santander.com/en/stories/santander-turns-its-ai-first-strategy-into-measurable-impact-and-extends-ai-access-to-all-185000-employees), [Banco Santander](https://santander.com/content/dam/santander-com/en/documentos/informe-financiero-anual/2025/ifa-2025-consolidated-annual-financial-report-en.pdf), [Banco Santander](https://www.santander.com/en/stories/driving-our-transformation-with-the-creation-of-the-global-data-ai-function)) | [Index 71.3 (#46); 19 use cases, 11 in production](https://www.bankingnewsai.com/banks/santander) | Santander AI Lab releases the A2K protocol suite (Sep 23, 2026) ([Banco Santander](https://www.santander.com/en/stories/a2k-a-new-protocol-for-connecting-ai-agents-to-governed-auditable-enterprise-knowledge)) |

## Who should look beyond Scotiabank, and where?

| If you are | Look at | Why |
| --- | --- | --- |
| Canadians who want the Big Five bank ranked highest for customer satisfaction | [RBC, or BMO and CIBC](https://www.bankingnewsai.com/banks/rbc) | JD Power's 2026 Canada Retail Banking Satisfaction Study ranked RBC highest among the Big Five for a third year (619 points), BMO and CIBC tied second (611) and TD fourth (610). Scotiabank's own top-ranked brand is Tangerine, which led midsize banks for a 15th year (676). ([JD Power via Financial Post](https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs)) |
| Self-directed investors who put app experience first | Wealthsimple or Questrade | In JD Power's 2026 Canadian investor study Wealthsimple (708) and Questrade (661) ranked first and second for DIY investor satisfaction, and the self-directed brokerages of the six major banks ranked lower, with Scotia iTRADE at 599. ([The Globe and Mail](https://www.theglobeandmail.com/business/article-fintechs-lead-diy-investor-satisfaction-jd-power-survey-finds/)) |
| Clients of Scotiabank's former banks in Colombia, Costa Rica and Panama | Davivienda | Scotiabank transferred its banking operations in those three countries to Davivienda on December 1, 2025, in exchange for an approximate 20% stake in the combined entity, with referral arrangements in wealth and global banking. ([Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |
| US customers who want branch banking from a bank with a Canadian connection | [KeyBank, TD Bank (U.S.) or BMO (U.S.)](https://www.bankingnewsai.com/banks/keybank) | Scotiabank's US business is Global Banking and Markets, which ranked 18th in US debt capital markets in 2025, plus a 14.9% stake in KeyCorp completed in December 2024; it filed in March 2026 to hold up to 19.99%. BMO plans 130 branches in California and 15 in Arizona over five years. ([Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf), [Investing.com](https://investing.com/news/stock-market-news/scotiabank-seeks-to-increase-keycorp-stake-93CH-4573414), [Reuters](https://www.reuters.com/business/finance/bank-montreal-open-over-130-new-california-locations-2026-03-17/)) |
| Peruvian borrowers who want a consumer finance company rather than a bank | [Santander Consumer (formerly CrediScotia)](https://www.bankingnewsai.com/banks/santander) | Scotiabank sold CrediScotia Financiera, its wholly owned Peruvian consumer finance subsidiary, to focus on core operations; Santander completed the purchase in the first quarter of 2025 and integrated it into its Consumer business. ([Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf), [Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Mexicans who want a branchless digital bank | [Nu Mexico](https://www.bankingnewsai.com/fintech/nubank) | Nu Mexico began operating as a commercial bank on August 6, 2026, describing itself as Mexico's largest digital bank with 16 million customers. Scotiabank launched digital-first onboarding and deposit account opening in Mexico in 2025 within a branch-based franchise. ([Nu](https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |

## How large is Scotiabank in Mexico, Chile and Peru against its local rivals?

Shares as each rival's 20-F reports them from the local supervisor's data. Bases differ by row.

| Market | Scotiabank | Leader and others | Basis |
| --- | --- | --- | --- |
| Mexico, credit | Member of the G7; lost credit share in 2025; fourth-largest bank by loans (Scotiabank's own claim) | BBVA Mexico 25.6% of credit balances; Banamex, Santander and Banorte gained share | October 2025 (BBVA 20-F); fiscal 2025 (Scotiabank) ([Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf)) |
| Mexico, deposits | Largest deposit-share drop in the G7 (-0.3 points) | BBVA Mexico the largest gain (+0.4 points); G7 holds 73.04% of deposits | December 2024 to October 2025 ([Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm)) |
| Chile, loans | 13.2% | Santander-Chile 16.7%, Banco de Chile 16.1%, BancoEstado 15.9%, BCI 14.3%, Itau Chile 9.2% | December 31, 2025 (FMC) ([Banco Santander-Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm)) |
| Chile, deposits | 10.3% | BancoEstado 19.8%, Santander-Chile 17.0%, Banco de Chile 15.9%, BCI 12.6% | December 31, 2025 (FMC) ([Banco Santander-Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm)) |
| Peru, consumer loans | 13.2% | BCP 25.7%, BBVA 19.6%, Interbank 19.1% | December 31, 2025 (SBS) ([Intercorp Financial Services (SEC filing)](https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm)) |

## How much pressure do fintechs put on Scotiabank in Canada?

The Globe and Mail reported in March 2026 that six lenders, Scotiabank among them, hold more than 90% of Canadian banking market share and that competition in the sector is under scrutiny in Ottawa and at the regulator. Wealthsimple's chief executive says assets grew from C$50 billion to over C$100 billion in 2025 and that it was among the top five institutions in Canada for net deposits, with about C$40 billion that year. ([The Globe and Mail](https://www.theglobeandmail.com/business/article-wealthsimple-financial-swift-global-financial/), [Financial Post](https://financialpost.com/fp-finance/banking/wealthsimples-michael-katchen-take-on-big-six-2026))

JD Power's 2026 retail banking study found that fintechs outperform both Big Five and midsize banks on many satisfaction factors and that 17% of Gen Z and Gen Y customers of traditional banks plan to switch their primary bank within 12 months, a five-year high. Scotiabank's response runs partly through its own challenger: Tangerine, with more than 2 million clients, signed a 10-year agreement in November 2025 to move its digital banking to Engine by Starling's cloud platform, Engine's first North American client. ([JD Power via Financial Post](https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs), [Reuters](https://www.reuters.com/business/finance/uks-starling-signs-software-deal-with-canadas-tangerine-plans-100-hires-2025-11-04/), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf))

## Common questions

### Who are Scotiabank's biggest competitors?

In Canada, the banks in its own performance comparator group: BMO, CIBC, RBC, TD and National Bank, with credit unions and newer entrants such as Wealthsimple. Abroad, BBVA, Banorte, Banamex, Santander and Nu in Mexico; Santander-Chile, Banco de Chile, BancoEstado and BCI in Chile; and BCP, BBVA and Interbank in Peru. ([Scotiabank (The Bank of Nova Scotia)](https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf), [The Bank of Nova Scotia (SEC filing)](https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350dex991.htm), [Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm), [Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Banco Santander-Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm), [Intercorp Financial Services (SEC filing)](https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm))

### Is Scotiabank bigger than BMO?

They are nearly the same size: Scotiabank reported C$1,548 billion of total assets at July 31, 2026 and BMO C$1,538.7 billion on the same date. RBC (C$2,498.8 billion) and TD (C$2,111.9 billion) are larger. ([Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2026/q3/Q326_Shareholders_Report-EN.pdf), [Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000092797126000108/q32026mda.htm), [Royal Bank of Canada](https://rbc.com/investor-relations/_assets-custom/pdf/2026q3_report.pdf), [TD Bank Group (SEC filing)](https://www.sec.gov/Archives/edgar/data/947263/000156276226000098/ex991.htm))

### Is Wealthsimple a competitor of Scotiabank?

Yes. Wealthsimple says three million clients use it for everyday banking and that it grew past C$100 billion of assets in 2025; it led JD Power's 2026 DIY investor satisfaction ranking with 708 points against 599 for Scotia iTRADE. Scotiabank's annual report names non-regulated fintechs with lower cost structures as a source of competitive pressure. ([The Globe and Mail](https://www.theglobeandmail.com/business/article-wealthsimple-financial-swift-global-financial/), [Financial Post](https://financialpost.com/fp-finance/banking/wealthsimples-michael-katchen-take-on-big-six-2026), [The Globe and Mail](https://www.theglobeandmail.com/business/article-fintechs-lead-diy-investor-satisfaction-jd-power-survey-finds/), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf))

### Who competes with Scotiabank in Mexico?

BBVA's 2025 20-F places Scotiabank in Mexico's G7 with BBVA Mexico, Santander, Banorte, Banamex, HSBC and Inbursa, which held 70.6% of bank assets in October 2025. Santander's 20-F adds Nubank and Banco Azteca to its Mexican peer group. Scotiabank says it ended fiscal 2025 as Mexico's fourth-largest bank by loans. ([Banco Bilbao Vizcaya Argentaria (SEC filing)](https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm), [Banco Santander (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf))

### Scotiabank vs Santander in Chile: who is bigger?

Santander-Chile. At December 31, 2025 it held 16.7% of Chilean loans and 17.0% of deposits, against 13.2% and 10.3% for Scotiabank Chile, according to FMC data in Santander-Chile's 20-F. Banco de Chile's 20-F names Scotiabank Chile among its strongest competitors in retail, wholesale and SME banking. ([Banco Santander-Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm), [Banco de Chile (SEC filing)](https://www.sec.gov/Archives/edgar/data/1161125/000121390026050243/ea0283244-20f_bancode.htm))

### Who competes with Scotiabank in wealth management?

RBC, which claims Canada's largest full-service wealth advisory business and largest mutual fund company; Scotiabank ranks itself third by wealth net income. In self-directed investing, Wealthsimple and Questrade led JD Power's 2026 DIY ranking, ahead of all six major banks' brokerages. ([Royal Bank of Canada (SEC filing)](https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf), [The Globe and Mail](https://www.theglobeandmail.com/business/article-fintechs-lead-diy-investor-satisfaction-jd-power-survey-finds/))

### Does Scotiabank compete in the US?

In corporate and investment banking, yes: Global Banking and Markets ranked 18th in US debt capital markets in 2025. Its annual report describes no US retail banking business of its own; it holds a 14.9% stake in KeyCorp, completed in December 2024, and filed in March 2026 to raise it to as much as 19.99%. ([Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf), [Investing.com](https://investing.com/news/stock-market-news/scotiabank-seeks-to-increase-keycorp-stake-93CH-4573414), [Banking Dive](https://bankingdive.com/news/scotiabank-to-buy-nearly-15-stake-in-keybank-2-8-billion/723965))

### Is Starling a competitor or a partner of Scotiabank?

A partner. In November 2025 Starling Group's software arm, Engine by Starling, signed a 10-year agreement to move the digital banking operations of Tangerine, Scotiabank's digital bank with more than 2 million clients, onto its cloud platform. Starling Bank itself operates in the UK, not Canada. ([Reuters](https://www.reuters.com/business/finance/uks-starling-signs-software-deal-with-canadas-tangerine-plans-100-hires-2025-11-04/), [Scotiabank (The Bank of Nova Scotia)](https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf))

## Peers on this site

- [Bank of Montreal (BMO Financial Group) AI strategy](https://www.bankingnewsai.com/banks/bmo-group) · [vs peers](https://www.bankingnewsai.com/banks/bmo-group/vs-peers)
- [The Toronto-Dominion Bank (TD Bank Group) AI strategy](https://www.bankingnewsai.com/banks/td-bank-group) · [vs peers](https://www.bankingnewsai.com/banks/td-bank-group/vs-peers)
- [Royal Bank of Canada AI strategy](https://www.bankingnewsai.com/banks/rbc) · [vs peers](https://www.bankingnewsai.com/banks/rbc/vs-peers)
- [CIBC Bank USA AI strategy](https://www.bankingnewsai.com/banks/cibc-us) · [vs peers](https://www.bankingnewsai.com/banks/cibc-us/vs-peers)
- [BBVA AI strategy](https://www.bankingnewsai.com/banks/bbva) · [vs peers](https://www.bankingnewsai.com/banks/bbva/vs-peers)
- [Banco Santander AI strategy](https://www.bankingnewsai.com/banks/santander) · [vs peers](https://www.bankingnewsai.com/banks/santander/vs-peers)
- [Citigroup AI strategy](https://www.bankingnewsai.com/banks/citigroup) · [vs peers](https://www.bankingnewsai.com/banks/citigroup/vs-peers)

## Sources

1. The Bank of Nova Scotia Annual Information Form, December 2, 2025 (Form 40-F, Exhibit 99.1) — The Bank of Nova Scotia (SEC filing), Dec 2, 2025. https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350dex991.htm
2. Annual and Special Meeting of Shareholders: Management Proxy Circular, April 14, 2026 — Scotiabank (The Bank of Nova Scotia), Feb 17, 2026. https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Scotiabank-194th-Management-Proxy-Circular-EN-AODA.pdf
3. Wealthsimple joins Swift global financial transfer system — The Globe and Mail, Mar 3, 2026. https://www.theglobeandmail.com/business/article-wealthsimple-financial-swift-global-financial/
4. High Overall Bank Satisfaction Masks Younger Canadians' Shift to Fintechs (JD Power 2026 Canada Retail Banking Satisfaction Study) — JD Power via Financial Post, Oct 15, 2026. https://financialpost.com/pmn/business-wire-news-releases-pmn/high-overall-bank-satisfaction-masks-younger-canadians-shift-to-fintechs
5. Scotiabank 2025 Annual Report - English — Scotiabank (The Bank of Nova Scotia), Dec 2, 2025. https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf
6. Royal Bank of Canada Annual Report 2025 (EX-99.1, filed with the SEC) — Royal Bank of Canada (SEC filing), Dec 3, 2025. https://sec.gov/Archives/edgar/data/1000275/000119312525305934/d73208dex991.pdf
7. Form 20-F annual report for the fiscal year ended December 31, 2025 — Banco Bilbao Vizcaya Argentaria (SEC filing), Feb 20, 2026. https://www.sec.gov/Archives/edgar/data/842180/000162828026010001/bbva-20251231.htm
8. Banco Santander-Chile Annual Report on Form 20-F for the fiscal year ended December 31, 2025 — Banco Santander-Chile (SEC filing), Feb 27, 2026. https://www.sec.gov/Archives/edgar/data/1027552/000102755226000038/bsac-20251231.htm
9. Intercorp Financial Services Inc. Annual Report on Form 20-F for the fiscal year ended December 31, 2025 — Intercorp Financial Services (SEC filing), Apr 24, 2026. https://www.sec.gov/Archives/edgar/data/1615903/000119312526177617/ifs-20251231.htm
10. How Wealthsimple's Michael Katchen plans to take on the Big Six in 2026 — Financial Post, Dec 23, 2025. https://financialpost.com/fp-finance/banking/wealthsimples-michael-katchen-take-on-big-six-2026
11. Nu Mexico to operate as a bank from August 6 — Nu, Jul 23, 2026. https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6
12. BMO Financial Group Reports Third Quarter 2026 Results: Report to Shareholders (Form 6-K, Exhibit 99.1) — Bank of Montreal (SEC filing), Aug 25, 2026. https://www.sec.gov/Archives/edgar/data/927971/000092797126000108/q32026mda.htm
13. Scotiabank Q3 2026 Report to Shareholders-English — Scotiabank (The Bank of Nova Scotia), Aug 25, 2026. https://scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2026/q3/Q326_Shareholders_Report-EN.pdf
14. Fintechs lead DIY investor satisfaction, JD Power survey finds — The Globe and Mail, Apr 2, 2026. https://www.theglobeandmail.com/business/article-fintechs-lead-diy-investor-satisfaction-jd-power-survey-finds/
15. Banco Santander, S.A. Annual Report on Form 20-F for the fiscal year ended December 31, 2025 — Banco Santander (SEC filing), Feb 27, 2026. https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm
16. Banco de Chile Annual Report on Form 20-F for the fiscal year ended December 31, 2025 — Banco de Chile (SEC filing), Apr 30, 2026. https://www.sec.gov/Archives/edgar/data/1161125/000121390026050243/ea0283244-20f_bancode.htm
17. Scotiabank Launches Scotia Intelligence, Empowering Employees and Accelerating Enterprise AI Adoption — Scotiabank (CNW via Yahoo Finance), Apr 13, 2026. https://finance.yahoo.com/news/scotiabank-launches-scotia-intelligence-empowering-145000695.html
18. Scotiabank Accelerates Enterprise Adoption of AI with New Scotia Intelligence Capabilities — Scotiabank (CNW via Yahoo Finance), Jun 10, 2026. https://finance.yahoo.com/news/scotiabank-accelerates-enterprise-adoption-ai-120000272.html
19. Scotiabank Equips Employees with AI-Powered Knowledge Agents Through Scotia Intelligence — Scotiabank (CNW via Yahoo Finance), Jul 31, 2026. https://finance.yahoo.com/technology/ai/articles/scotiabank-equips-employees-ai-powered-120000781.html
20. Bank Nova Scotia Halifax Pfd 3 (BNS) Q2 FY2026 earnings call transcript — Yahoo Finance, May 27, 2026. https://finance.yahoo.com/quote/BNS/earnings/BNS-Q2-2026-earnings_call-566349.html
21. Scotiabank Equips Global Staff With New Scotia Intelligence AI — PYMNTS, Apr 13, 2026. https://pymnts.com/news/artificial-intelligence/2026/scotiabank-equips-global-staff-with-new-scotia-intelligence-ai
22. TD's AI returns help put it back into the top 10 in this global bank index — Financial Post, Oct 6, 2026. https://financialpost.com/technology/td-ai-top-10-global-bank-index
23. RBC maintains top three leadership position globally for AI maturity in financial services — Royal Bank of Canada (CNW via Financial Post), Oct 6, 2026. https://financialpost.com/press-releases/pr-newswire/rbc-maintains-top-three-leadership-position-globally-for-ai-maturity-in-financial-services
24. Annual Risk Outlook: Semi-annual update, fiscal year 2026-2027 — Office of the Superintendent of Financial Institutions, Oct 8, 2026. https://www.osfi-bsif.gc.ca/en/about-osfi/reports-publications/annual-risk-outlook-semi-annual-update-fiscal-year-2026-2027
25. TD Launches Agentic AI to Transform Real Estate Secured Lending from End to End — TD Bank Group, May 21, 2026. https://stories.td.com/ca/en/news/2026-05-21-td-launches-agentic-ai-to-transform-real-estate-secured-lend
26. TD expands agentic AI across mortgage operations to make banking faster, simpler and more human — TD Bank Group (Canada Newswire via Yahoo Finance), Oct 13, 2026. https://finance.yahoo.com/technology/ai/articles/td-expands-agentic-ai-across-093000362.html
27. TD Bank at Scotiabank summit: profit gains, AI push lift outlook (transcript) — Investing.com, Sep 9, 2026. https://investing.com/news/transcripts/td-bank-at-scotiabank-summit-profit-gains-ai-push-lift-outlook-93CH-4894177
28. Meet Lumi Assistant: BMO’s award-winning AI tool empowering Team BMO — BMO Financial Group, Jun 24, 2025. https://www.bmo.com/en-ca/main/about-bmo/news-insights/blog/meet-lumi-assistant-bmos-award-winning-ai-tool-empowering-team-bmo/
29. 2026 BMO Investor Day presentation — BMO Financial Group (investor relations), Mar 26, 2026. https://www.bmo.com/ir/files/pdfs/BMOInvestorDayPresentation.pdf
30. BMO Earns Top Recognition for Responsible AI Leadership in Global Banking — BMO (CNW via FT Markets), Oct 6, 2026. https://markets.ft.com/data/announce/full?dockey=600-202610060700CANADANWCANADAPR_C6630-1
31. Banks embrace AI, but need to show tech is benefiting bottom lines, report finds — The Globe and Mail, Oct 6, 2026. https://www.theglobeandmail.com/business/article-banking-ai-rbc-td-cibc-bmo-scotiabank-bottom-lines-report/
32. RBC Wealth Management wins dual recognition for its use of AI to better empower advisors — Royal Bank of Canada (CNW via Yahoo Finance), Apr 27, 2026. https://finance.yahoo.com/news/rbc-wealth-management-wins-dual-120100197.html
33. Helping wealth professionals focus on what matters most — BMO AI Hub, Jul 27, 2026. https://ai.bmo.com/our-stories/helping-wealth-professionals-focus-on-what-matters-most
34. RBC creates new AI Group to help bring top AI opportunities to market — Royal Bank of Canada, Feb 18, 2026. https://rbc.com/newsroom/article.html?article=126074
35. BMO Establishes Institute for Applied Artificial Intelligence & Quantum — BMO Financial Group, Apr 9, 2026. https://newsroom.bmo.com/2026-04-09-BMO-Establishes-Institute-for-Applied-Artificial-Intelligence-Quantum
36. Aura: Helping power BMO's goal of 50% faster underwriting by 2028 - BMO Ai Hub — BMO Financial Group (BMO AI Hub), Aug 6, 2026. https://ai.bmo.com/our-stories/aura-helping-power-bmos-goal-of-50-faster-underwriting-by-2028
37. BMO (BMO) Q3 2026 Earnings Call Transcript — Motley Fool via Yahoo Finance, Sep 1, 2026. https://finance.yahoo.com/markets/stocks/articles/bmo-bmo-q3-2026-earnings-174320317.html
38. Major employers in tech and finance expect new hires to be ‘AI literate’ — The Globe and Mail (Canadian Press), Feb 17, 2026. https://theglobeandmail.com/business/article-artificial-intelligence-literacy-tech-finance-employers
39. Bank of Montreal Form 40-F for fiscal 2025, Exhibit 99.2: 208th Annual Report 2025, Management's Discussion and Analysis — Bank of Montreal (SEC filing), Dec 4, 2025. https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm
40. TD Announces Launch of Groundbreaking Predictive Foundation Model — TD Bank Group, Jun 11, 2025. https://stories.td.com/ca/en/news/2025-06-11-td-announces-launch-of-groundbreaking-predictive-foundation
41. #4 Maksims Volkovs drives TD Bank's AI transformation — American Banker, Jun 1, 2026. https://www.americanbanker.com/news/td-banks-maksims-volkovs-is-4-on-the-most-innovative-people-in-finance-ranking
42. TD (TD) Q3 2026 Earnings Call Transcript — Motley Fool (Yahoo Finance), Aug 31, 2026. https://finance.yahoo.com/markets/stocks/articles/td-td-q3-2026-earnings-132153119.html
43. TD (TD) Q2 2026 Earnings Call Transcript — Motley Fool (The Globe and Mail), May 29, 2026. https://theglobeandmail.com/investing/markets/stocks/TD/pressreleases/2205931/td-td-q2-2026-earnings-call-transcript
44. Financial report 2026 - January - June — Banco Santander, Jul 21, 2026. https://santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2026/q2/rt-q2-2026-banco-santander-financial-report-en.pdf
45. A2K: a new protocol suite for connecting AI agents to governed, auditable enterprise knowledge — Banco Santander, Sep 23, 2026. https://www.santander.com/en/stories/a2k-a-new-protocol-for-connecting-ai-agents-to-governed-auditable-enterprise-knowledge
46. BBVA creates a model to scale AI across the Group and drive its customer-centric transformation — BBVA, Oct 6, 2026. https://www.bbva.com/en/innovation/bbva-creates-a-model-to-scale-ai-across-the-group-and-drive-its-customer-centric-transformation/
47. BBVA Goes Beyond Satisfaction Surveys and Uses AI to Measure the Real Customer Experience — BBVA, Jul 14, 2026. https://bbva.com/en/innovation/bbva-goes-beyond-satisfaction-surveys-and-uses-ai-to-measure-the-real-customer-experience
48. BBVA will help design a common protocol led by Sierra AI and Meta to connect AI agents with businesses — BBVA, Oct 13, 2026. https://www.bbva.com/en/innovation/bbva-helps-design-a-common-protocol-led-by-sierra-ai-and-meta-to-connect-ai-agents-with-businesses/
49. Getnet develops infrastructure that enables businesses to accept AI agent-initiated payments — Banco Santander, Jun 9, 2026. https://www.santander.com/en/press-room/press-releases/2026/06/getnet-develops-infrastructure-that-enables-businesses-to-accept-ai-agent-initiated-payments
50. Nu Holdings Ltd. Reports Second Quarter 2026 Financial Results — Nu, Aug 13, 2026. https://nu.com/en/newsroom/company/nu-holdings-ltd-reports-second-quarter-2026-financial-results
51. Nu Holdings Ltd. Form 6-K: Statement Regarding Media Reports — Nu Holdings via SEC EDGAR, Sep 30, 2026. https://www.sec.gov/Archives/edgar/data/1691493/000129281426004752/nu20260930_6k.htm
52. Santander turns its AI-first strategy into measurable impact and extends AI access to all 185,000 employees — Banco Santander, Jun 22, 2026. https://santander.com/en/stories/santander-turns-its-ai-first-strategy-into-measurable-impact-and-extends-ai-access-to-all-185000-employees
53. 2025 Annual report — Banco Santander, Feb 26, 2026. https://santander.com/content/dam/santander-com/en/documentos/informe-financiero-anual/2025/ifa-2025-consolidated-annual-financial-report-en.pdf
54. Driving our transformation with the creation of the Global Data & AI function — Banco Santander, Oct 8, 2025. https://www.santander.com/en/stories/driving-our-transformation-with-the-creation-of-the-global-data-ai-function
55. Scotiabank seeks to increase KeyCorp stake — Investing.com, Mar 20, 2026. https://investing.com/news/stock-market-news/scotiabank-seeks-to-increase-keycorp-stake-93CH-4573414
56. Bank of Montreal to open over 130 new California locations — Reuters, Mar 17, 2026. https://www.reuters.com/business/finance/bank-montreal-open-over-130-new-california-locations-2026-03-17/
57. UK's Starling signs software deal with Canada's Tangerine, plans 100 hires — Reuters, Nov 4, 2025. https://www.reuters.com/business/finance/uks-starling-signs-software-deal-with-canadas-tangerine-plans-100-hires-2025-11-04/
58. RBC Third Quarter 2026 Report to Shareholders — Royal Bank of Canada, Aug 27, 2026. https://rbc.com/investor-relations/_assets-custom/pdf/2026q3_report.pdf
59. TD Bank Group Third Quarter 2026 Report to Shareholders (Form 6-K, Exhibit 99.1) — TD Bank Group (SEC filing), Aug 27, 2026. https://www.sec.gov/Archives/edgar/data/947263/000156276226000098/ex991.htm
60. Scotiabank to take nearly 15% stake in KeyBank for $2.8B — Banking Dive, Aug 12, 2024. https://bankingdive.com/news/scotiabank-to-buy-nearly-15-stake-in-keybank-2-8-billion/723965

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