Scotiabank Bahamas to move forward with ‘smart deposit’ expansion

Scotiabank Bahamas to move forward with ‘smart deposit’ expansion

NASSAU, BAHAMAS — Scotiabank Bahamas has announced plans to continue the expansion of its new ‘Smart’ or Intelligent Deposit Machine (IDM) network, which the bank says will greatly improve banking conveniences for its customers.

In a statement, the bank said the introduction of the ‘smart deposit’ machines has also proven extremely timely particularly in light of the ongoing COVID challenges now affecting The Bahamas.

These machines offer a variety features including immediate credit on cash deposits, cash denomination options and credit card payments, thereby, reducing the number of customers needing to visit a branch.

Managing Director Roger Archer noted that six new IDMs have already been installed across The Bahamas, with work now ongoing to increase that number to eight by the end of 2020.

Currently, the ‘user-friendly’ devices are available at Scotiabank branch locations in Freeport, Bay Street East and Paradise Island; however, the senior banker disclosed that the Bank will be adding two new drive-through locations within the coming months.

The bank noted this will be a first for the country.

Archer said: “As the needs of our customers evolve, we are also seeking to advance the way that we also serve them while empowering them with the available technology.

“Our main objective is to make every day banking easier for our customers by utilising technology to give greater options and convenience.

“Scotiabank’s significant investments in these enhanced deposit-taking machines is already achieving the intended results for customers who can now make deposits 24 hours per day.

He continued: “Our new machines have been critical in helping us to manage risk brought by COVID by minimizing in-branch traffic especially as we aim to comply with the physical distancing requirements set out by the Government.

 “Our staff have been trained and are always available to help to educate persons who are unable or may find it difficult to use the ABMs including the elderly.”


Great. Now make it possible to deposit checks and make international write transfers/payments possible through the app and we will never have to come to the bank again.

Wow. What a trickling effect is rolling in technology añd the adverse affect of man power or human interaction. Remember people have been advocating to save jobs and finally it’s here. Sadly Covid_19 was just the much needed guise to ensure the intransition has no push back by society. We are entering an age where human interaction will not be necessary. For businesses it’s a huge financial win. Be woke!

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