Scotiabank named Trinidad and Tobago's Best Digital Bank

FOR the fourth consecutive year, Scotiabank was awarded Trinidad and Tobago's best consumer digital bank by Global Finance, New York. The bank, for the second time, also earned the title of best mobile banking app in the country.

The announcement was made in a media release on October 21.

Senior VP and managing director at Scotiabank TT Gayle Pazos said, "These recognitions are a result of continuous investments in our digital and analytical capabilities to understand and anticipate client needs."

She said the bank’s increased digital adoption and sales played a critical role in earning the title.

"We have seen a steady increase in digital adoption, achieving a 20 per cent increase year-over-year, elevating our digital adoption rate to 55.3 per cent. We continue to digitise and streamline our technology solutions with enhanced offerings. Digital sales now account for 40.2 per cent of total retail products including lending, deposits and credit cards."

Founder and editorial director of Global Finance Joseph Giarraputo said the rapid advancements in fintech, the rise of digital currencies and the growing importance of cybersecurity networks are the cornerstones of digital banking services.

"Global Finance’s Best Digital Bank Awards celebrate the financial institutions that are leading the way with innovative digital solutions and setting new standards in the industry."

The Global Finance award winners are chosen based on entries provided by financial institutions. The entrants are judged on the parameters of product offerings, success rate in migrating customers to digital platforms, acquiring and retaining new customers and using digital technologies to improve business processes, the release said.

Sub-category winners were selected based on the strength and success of web products and services.

Scotiabank also earned the best digital bank and the best mobile banking app titles in the Bahamas, Cayman Islands, Guyana, Jamaica and Turks and Caicos.

Pazos thanked the bank’s employees for continuing to leverage their digital expertise in support of its client needs.