Navigating the future; Scotiabank Bahamas’ new strategic vision to fuel growth and innovation

New Providence, The Bahamas – June 3, 2024 -In a dynamic financial landscape shaped by evolving consumer preferences and technological advancements, Scotiabank Bahamas is now executing its local initiatives based on new global business strategy while reaffirming its commitment to leading in innovation, service excellence, and community impact in The Bahamas.

Roger Archer, Scotiabank Bahamas, Managing Director has outlined the refreshed strategy for the 67 year old Bank, pinned on four main cornerstones – making it easier for clients to do business with the Bank, earning primary banking relations with those clients, strengthening the skills of its local team of staff and delivering sustainable, profitable revenue growth.The new pillars cascade from Scotiabank’s new global strategy which was presented to local executives by the Bank’s recently appointed Global CEO, Scott Thomson during his recent visit to the Caribbean.

Investments in Digital Transformation and Ease of Doing Business

“We will continue to prioritize digital transformation to support the evolving needs of our clients,” said Archer who noted that the bank’s investment in digital platforms and technology has yielded significant dividends. According to the senior Scotiabank executive, more than 79,000 Bahamian clients of the Bank have enrolled in online and mobile banking. Notably, over 99% of the Bank’s total transactions are now conducted using electronic and digital channels, thereby underscoring the growing preference for digital channels among clients.

Archer emphasizes, “We are investing in digital platforms and technology to enhance the banking experience for our clients. We have upgraded our entire fleet of ABMs across the network, which included the deployment of 33 Intelligent Deposit machines (IDMs) at all branch locations and introduced a secondary drive-thru IDM at our recently renovated Wulff & Jerome Sales Center.

Our transition to IDMs has modernized the local banking convenience and accessibility, and clients have been providing us with positive feedback as we continue to enhance our offerings in this regard.” Archer also noted that the Bank’s new digital collaboration tool called Scotia Access will revolutionize the way some of its clients interact with the Bank. The tool allows clients to communicate with their assigned relationship officer through the Scotia Mobile app.

Commitment to Community and Employee Welfare

Beyond financial performance, Archer noted that Scotiabank Bahamas will be continuing its focus on community development and employee welfare. The Bank's initiatives include hosting financial education seminars, supporting environmental preservation efforts, and promoting diversity and inclusion.

In the wider community, the Bank has also provided major support for several community-based programmes and sponsorship of organizations such as Hands for Hunger, The Bahamas Student of the Year Foundation, Junior Junkanoo, The Bahamas Red Cross and the Bahamas Athletics Association by sponsoring the 2023 staging of the CARIFTA Games.

Archer elaborates, "We recognize the importance of investing in the Bahamian people and fostering a culture of inclusivity. Our efforts extend beyond banking to supporting education, environmental conservation, and social welfare."

Driving Growth and Innovation

Under the stewardship of Archer, the Bank’s success to date has been credited to its commitment to prudent asset growth within its risk appetite, funded by solid growth in core deposits. This approach has yielded significant results and led the Bank’s 2023 profitability to being the highest in over a decade. This achievement Archer noted reflects ongoing commitment to strategic initiatives aimed at driving sustainably improving revenues, improving efficiency, and enhancing credit quality."

Archer concludes, "Our strategic focus on innovation, service excellence, and community impact has positioned us for sustainable growth. As we navigate the future, we remain dedicated to exceeding client expectations, driving economic resilience, and making a positive impact on society."

As the financial landscape continues to evolve, Scotiabank Bahamas says it is poised to lead by continuing to leverage its technology, expertise, and steadfast commitment to the people of The Bahamas.