The ongoing COVID-19 pandemic has certainly brought with it many changes, including the way business is conducted. There’s not only been a major change in the way financial institutions conduct business, but also in the way customers manage their finances and in the way they bank. Now, more than ever, there is the need to be able to conduct banking remotely.
Banking digitally now is all about Staying Home and Staying Safe.
Scotiabank has been transforming its business to be more digital for quite some time, with recent introductions and advancements that help customers conduct their business faster, easier and more conveniently. These tools – Online Banking, Mobile Banking and Next Generation ATMs, to name a few, have all been helping customers conduct their banking remotely, keeping them safe and protected during this Pandemic.
For some customers, the shift to Digital Banking may require some getting used to, and as such, we continue to help customers become comfortable with online channels and become digitally savvy. We have dedicated Team Members whose primary role is to support customers with their digital needs, and help them bank safely from their homes.
As at May 1, we have seen a reduction in branch transactions by 36% and digital transactions are up 104%. Customers are increasingly enjoying the simplicity of managing all their finances in one place, setting up automatic payments or making deposits, anytime and anywhere, without the need to physically be in a Bank Branch.
Personal Banking Customers are also able to access financial relief, or opt-out of the Customer Assistance Programme, which we have set up for COVID-19 impacted customers – by signing into Scotia OnLine Banking. Our Business Banking and Corporate Clients also have our Online Platforms available to them to make payments securely and with greater convenience. We continue to encourage them to utilise these instead of physical cheques. Not only is this more convenient for our customers, it further helps reduce the number of persons in the Banking Halls and helps to curb the spread of the COVID-19 Virus.
Post COVID-19, we can certainly expect that more persons will conduct their banking digitally. We continue to invest in technology, including Scotia Alerts, Mobile/Online Platform Upgrades and functionality. We also continue to invest in keeping customer information and accounts secure via Digital Channels. From sign-in to sign-out, Customer Information is protected by multiple layers of security.
Scotiabank Alerts is an added security feature that allows our customers to receive personalized notifications about activity on their account(s) via notifications on the Scotiabank Mobile App or via Email. Digital Banking not only leads to greater efficiency but also enables us to better serve customers. Faster turnaround times, greater ease of doing business, and time and cost savings are all ways both Scotiabank and our customers benefit, and of course, with the current COVID-19 pandemic, Digital Banking is helping to keep customers safe.
