Close to 15,000 customers have opened new accounts using bank’s online channels
The Scotia banking group will in the coming months be deploying additional intelligent deposit machines across Jamaica as it ramps up its digital footprint in the island.
In addition to this, Scotia group will also be carrying out further upgrades to its current network of 279 ABMs and intelligent deposit machines. These developmental initiatives are being executed as Scotia group continues to advance its Customer First strategy, which is underpinned by investments in technology to improve customer experience.
This includes the continued enhancement of its digital offering with upgrades to online and mobile channels to make everyday banking more convenient and safer for customers.
Customers continue to migrate to digital channels
According to Scotia group, customers continue to embrace its award winning digital platforms which offer the benefit of convenience and safety in light of the pandemic. Branch transactions now represent just 4.6% of total transactions processed, while electronic channels account for 95.4%.
One significant new feature introduced within the quarter was our online account opening process which was launched in mid-March. Existing personal banking customers can now open an additional bank account in under five minutes using online or mobile banking platforms with no need to visit a branch.
Since the launch, close to 15,000 customers have opened new accounts using one of the online channels. Tugwell-Henry states that, “digital banking will continue to be at the forefront of our business as technology continues to redefine the status quo. We are optimistic as the economy continues to show signs of recovery and stand ready to support our customers as they rebound and pursue new growth opportunities. “
While the increase use of the digital platform is welcomed, it has had an adverse impact on income in reduced fees coming from transactions. Net fee and commission income amounted to $3.0 billion, showing a reduction of $396 million or 11.5% for the half-year period ended April 30, 2021.
The year over year decline noted in fee and commission revenues was primarily attributable to lower transaction volumes stemming from the COVID-19 pandemic in conjunction with the continued execution of the group’s digital adoption strategy geared towards educating customers about Scotia group’s various electronic channels, which attract lower fees.