Apr 2016 Financial News

Scotiabank aims for larger slice of the $192-billion credit card market

Apr 01, 2016

Scotiabank, which reports increasing personal and credit card loans of 9.8 per cent last year, is going after a better record for 2016 for the credit card segment.

The bank has inked a deal with ADS Global that will have its agents completing telemarketing sales of some credit cards, effective March 29.

Scotiabank said Wednesday that the move opens up an additional sales channel to access its credit cards for customer’s islandwide.

Wendy Birthwright, senior manager, Multi Products (Caribbean Central), said the bank’s credit cards are sold through non-branch channels, branches, Scotia’s contact centre, and now ADS Global.

“This tactic will ensure that we maintain and grow our market share in an increasingly competitive environment. The arrangement with ADS Global will place more focus on non-Scotiabank customers who are desirous of joining with the bank to increase the rewards they receive from their relationships with Magna, PriceSmart and American Airlines,” she stated.

She said the contract signed with ADS Global is confidential, referring to the value of the deal and the number of agents to be fielded by the company.

In general, the bank is targeting a market valued at $192.2 billion as at December 2014.

In 2014 banks gained a 3.8 per cent increase in market size when compared to 2013.

The Bank of Jamaica said in its recent Quarterly Monetary Policy Report that for the period ended December 31, 2015, private consumption was estimated to have registered a sixth-consecutive quarter of expansion, signalled by increases in remittances and total credit card transactions.

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
Business reporter 
Jamaica Observer
Friday April 1, 2016

http://www.jamaicaobserver.com/business/Scotiabank-aims-for-larger-slice-of-the--192-billion-credit-card-market_56259