Scotiabank wins 2nd consecutive award for digital banking platforms
Investment in State-of-the-art digital platforms delivering enhanced banking services and greater convenience for customers
New Providence, Bahamas – October 6, 2022 – Scotiabank Bahamas has, for the second consecutive year, been named Best Consumer Digital Bank in the Bahamas. The prestigious award comes from North American finance magazine Global Finance.
“Over the past 18 months, Scotiabank Bahamas has been laser-focused on transforming our operations through the use and enhancement of digital technology. The Bahamas’ Best Consumer Digital Bank 2022 award recognizes this effort and salutes our team’s efforts and commitment to giving customers the ability to access even more banking services remotely and at their convenience, in a secure manner,” said Roger Archer, Managing Director for Scotiabank Bahamas.
The Best Digital Bank Award celebrates banks that were able to deliver in the following categories - strength of strategy for attracting and servicing digital customers, success in onboarding clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.
Archer further noted that significant investments have been made in upgrading the Bank’s online, mobile, and physical infrastructure. The most recent digital upgrades have further expanded its capabilities and includes tools that are helpful in identifying potential fraud monetary and nonmonetary transactions. In terms of physical infrastructure, Scotiabank Bahamas has replaced its fleet of ABMs at all branches to Intelligent Deposit Machines (IDMs) and has converted two of its locations to digital branches.
The work done has resulted in a significant increase of 25 percent in digitally active users, meanwhile local online transactions have increased by over 70 percent in the past eighteen months.
According to Joseph Giarraputo, founder and editorial director of Global Finance, the multi-year pandemic has accelerated the digitalization efforts of banks, and as such the market has witnessed a rapid evolution in electronic offerings.
Scotiabank Bahamas’ own move to digital was driven by the need to allow customers to continue conducting banking transactions despite the government implemented lockdowns and curfews that occurred throughout the year.
Having thirty-five years of experience in international finance, Global Finance, has a worldwide circulation of 50,000 readers in 193 countries. The annual World’s Best Digital Bank award selects the top performers among banks and other providers of financial services and has become a trusted standard of excellence for the global financial community.
Scotiabank Bahamas joins its counterparts in Barbados, The Cayman Islands, Jamaica, Trinidad & Tobago, and Turks & Caicos, in receiving the award.