Jun 2016 Financial News

Scotiabank speeds up services

Jun 13, 2016

Scotiabank T&T Ltd is introducing new systems aimed at achieving greater efficiency in the customer experience with quicker turn arounds.

Chairman Brendan King said the bank’s new application process to open day-to-day accounts is being significantly improved and will provide the best customer experience among all banks with its global footprint.

Speaking at the bank’s recent Afternoon with the Chairman and Partner Appreciation at Scotia Centre, Port-of-Spain, King said: “The turnaround time to open a small business account will eventually be reduced from three weeks to approximately 20 minutes. Eventually, the time it takes to fill out an online credit card application will be significantly reduced from eight minutes to just two minutes for an instant approval decision. The entire process will be more intuitive and require customers to answer fewer questions.”

He said time is being cut in half on mortgages and wealth applications, freeing up time for bank staff to provide valuable advice to customers.

“The results of these initiatives are being noticed as for the first time ever, Scotiabank has been recognised by Retail Banker International as the Global Bank with the best Digital Strategy for 2016. Our strategy is working and this is great news for our customers, our employees and our shareholders,” he added.

King said the pace of change in almost all industries is accelerating, driven by technological advancements, proliferation of the internet and the power of mobile; changing consumer expectations and behaviours; moderating economic growth and more stringent regulations; and intense competitive forces.

The financial services industry is not immune to those pressures and there is an entire sub-set of technology players making inroads into the traditional banking sector, he said.

“In order to meet the changing expectations of the markets the bank has established a clear strategic agenda. Digital trends and changing customer preferences are re-shaping the role of our branch network.

“Our customers increasingly perform routine transactions such as balance enquires, bill payments and remote deposits online, at the ATM and through their mobile devices.

“By 2020, we expect that less than ten per cent of financial transactions will occur in our global branch network. At the same time, we expect sales through digital channels to increase materially, likely in excess of 50 per cent of total products sold,” King said.

“Our customers continue to tell us they value face-to-face interactions, particularly when it comes to making larger financial decisions. Our branch network will continue to be an important channel to serve customers, but it must adapt and evolve. To this end, we are re-designing our branches to provide financial advice more effectively and to conduct the declining volume of day-to-day transactions more efficiently.”

King said new branch formats have already been rolled out in Mexico City and similar branches were being launched in Canada. The new branch formats will be introduced throughout the Caribbean, starting in Barbados in the next six months, then in T&T.

The branches are designed to be smaller and staffed differently, the chairman said, even as he assured that Scotiabank will not entertain lay-off concerns. He said the modernised branches will be better organised and equipped for the benefit of customers and employees.

Source:
Sean Nero
Trinidad Guardian
Monday June 13, 2016

http://www.guardian.co.tt/business/2016-06-13/scotiabank-speeds-services