Scotiabank reports digital progress in covid pandemic

SCOTIABANK TT Ltd has made several strides with respect to digital transformation during the covid19 pandemic. Managing director Gayle Pazos gave an update on the bank's digital transformation initiatives at its virtual 52nd annual shareholders meeting on Wednesday.

"As at October 31, 2021, approximately 67 per cent of our customers, a 13 per cent increase over 2020, were enrolled on our digital platforms and we saw digital transactions increasing by over one million or 42 per cent over the prior year."

Pazos described these numbers as a true testament of the bank's customers’ confidence in its digital platforms.

"We also saw branch transactions decreasing further from 7.9 per cent in 2020 to 4.3 per cent in 2021 as customers increasingly used our online platforms for their routine transactions during the pandemic."

Another component of the bank's digital transformation initiative is the Scotia Caribbean Mobile App.

"This has resulted in a 65 per cent increase in digital sales for deposit accounts and 242 per cent increase for credit cards."

In 2020, the bank established a digital support unit to support and help its customers to use online and mobile banking. As a result of the unit's work, Pazos said, "We’ve seen our digital adoption rates rise to 47 per cent in 2021.

She was heartened by the number of customers who are senior citizens who are embracing the use of the bank's digital platforms.

"Between 2020 and 2021, there has been a 102 per cent increase in the number of senior customers using our online channels, testimony that our dedicated approach with this customer group has been worthwhile."

She promised improvements in these and other digital initiatives as the bank continues to develop quality services for its customers. The bank has held over 42,000 online courses and sessions.

Pazos said the objective is to enable "continuous development opportunities for all employees, to help prepare them in this changing world."

She also said the bank continues to play its part as a responsible corporate citizen by contributing to the national response to the pandemic. Through collaboration with various non-governmental organisations, Scotiabank has sought to encourage food sustainability initiatives throughout TT.

Pazos said, "So far, 12,000 households in southern Trinidad and numerous children’s and special needs homes across the country have established kitchen gardens and growboxes."

The bank, she continued, has also provided donations to various NGOs and charities that has resulted in 26,000 people being provided with food relief and other supplies since the pandemic began in 2020.

Pazos added that through collaboration with 14 NGOs and 60 schools, the bank has been able to help almost 1,200 students who have been unable to attend school physically to get access to online learning.