Thayde Olarte, SVP at Scotiabank, on Building a Career with Purpose and Precision

By Sarah Walker

Thayde Olarte arrived in Canada with only 16 suitcases. They contained everything she and her family — her husband, three kids and their pets — packed up in their native Venezuela before fleeing political and economic upheaval.

Today, Olarte leads more than 19,000 employees across 15 countries as Senior Vice President, Retail & Digital Business, for Scotiabank’s International Banking business line. She oversees millions of clients and makes decisions that affect entire economies.

How did she do it?

“Every step I’ve taken is with purpose,” Olarte says. “That purpose is a combination of my individual growth, my family, and then the community or organization that I’m part of. I’m very intentional in the way I live my life.”

A problem to solve

Olarte’s early years in Venezuela were humble — meaning the odds were generally against her ending up where she is today. She often witnessed firsthand how financial exclusion affected others. In many cases, access to basic banking services wasn’t just difficult — it was nearly impossible for families like hers.

When she enrolled in a public university — which, she says, “tended to give you more access to different cultures, mindsets, ways of thinking” — she began to understand that the barriers her family faced weren’t isolated. They were systemic.

“Understanding that challenge through my own experiences made me realize there was a big problem that needed solving,” Olarte says. That problem: how to give people access to the financial tools they need to build better lives.

Armed with an economics degree, she began to tackle the issue as a teaching assistant focused on financial services for lower-income populations. Then came her first professional experience in a finance cooperative program in a development regional financial institution, where she provided technical support across Latin America on financial inclusion for micro, small and medium businesses.

“I learned from the very beginning how to connect with communities and understand their real needs,” Olarte says. “The challenge was creating solutions that worked for both clients and banks — making that business sustainable for both.”

She was good at it. But by 2012, when the political and social situation worsened across Venezuela, Olarte found herself starting over in a new country and having to relearn everything she knew about banking — all while trying to keep her purpose in mind.

When Scotiabank offered her a position, she took it. Thanks to her tenacity and drive, Olarte rose through the bank — moving from Regional Director, Retail Risk to Vice President, Consumer Finance, then leading the bank’s fintech strategy. In 2022, she was appointed to her current role.

The secret to success

Olarte’s approach to banking starts with a simple premise: behind every financial transaction is a person with hopes, fears, and dreams.

Her teams create and execute segmented programs across markets that give individuals and small businesses access to the solutions and support they need to live their lives.

“Implementing programs across markets that empower people is all I’ve ever wanted to do,” Olarte says. “We work to mirror our clients in every service that we provide. There are pieces of this business that will always, always require human interaction.”

She’s also invested in the Scotiabank Women Initiative. As a board member, she helps shape the programs that break down the banking barriers women across her markets face.

“In Latin America, a lot of women, even though they are often the breadwinner for their families… don’t have access to basic banking services,” Olarte says. “Sometimes it’s education — not knowing they’re allowed to ask for a loan. Sometimes it’s time — they don’t have the support they need.”

Through the initiative, teams are now teaching these women how to manage cash flow and build the professional networks needed to scale businesses.

“With small changes in how people manage their finances, we can make a big difference in these communities,” Olarte says.

Giving back

“I wouldn’t be here if my predecessors hadn’t felt responsible for mentoring or sponsoring me,” Olarte says of her passion for supporting the next generation of bankers — especially women. “I have that same responsibility, and I take it very seriously.”

She guides mentees to build “rings” of support around themselves, focusing on small circles of sponsors who can advocate for them at a higher level, and smaller circles of individuals who will speak highly of their work. She adds that finding the right group of people is ultimately up to each individual.

“Ninety-nine per cent of how I got here is because of lessons I learnt and speaking to the right people.” Olarte says. “Although people can help on your career journey, you are responsible for your future.”

There’s power, she adds, in knowing you can guide and direct your life in a way that’s meaningful to you — and no one else.

“You can make sure that you have a purpose for the things you do,” Olarte says. “That purpose can then extend beyond your work into how you support your family and the communities and organizations you’re a part of.”

When you believe in something, she says, your impact will be greater than you can imagine. You’ll also become a great leader.

“The best leaders are those who inspire… that create a spark within you,” Olarte says. “They’re people who are always pointing up and saying we’re going there. I’m here with you on that journey. They’re not here to give you a solution. They’re there to guide you toward where you want to go.”

These are principles she leans on every day.

“I feel very responsible, day in and day out,” Olarte says. “With every decision you make, you have to assess the impact it’s going to have on other humans — your clients, your teams, and the people around you. Keep your purpose in mind.”

You also have to be gracious, she adds.

When she looks back on her journey, Olarte says she’s grateful for all of the experiences she’s had. Most of all, she’s thankful for the opportunity she and her family had to come to Canada.

“This country became our new home — the home that allowed me to get back to what I love, which is banking, and enabled my husband and I to give our kids a second opportunity to grow without borders,” she says. “Now, every decision I make, I think about creating those same opportunities for others. That’s the responsibility that comes with success.”