NASSAU, BAHAMAS- Scotiabank Bahamas says that it will continue to prioritize investments in digital transformation and the ease of doing business, with nearly 100 percent of the bank’s total transactions now being conducted using electronic and digital channels.
Roger Archer, Managing Director of Scotiabank Bahamas in a statement outlined a refreshed strategy pinned on four main cornerstones – making it easier for clients to do business with the Bank, earning primary banking relations with those clients, strengthening the skills of its local team of staff and delivering sustainable, profitable revenue growth.
Archer said: “We will continue to prioritize digital transformation to support the evolving needs of our clients,” said Archer who noted that the bank’s investment in digital platforms and technology has yielded significant dividends.
According to Archer, more than 79,000 Bahamian clients of the Bank have enrolled in online and mobile banking. Notably, over 99% of the Bank’s total transactions are now conducted using electronic and digital channels, thereby underscoring the growing preference for digital channels among clients.
Archer further stated: “We are investing in digital platforms and technology to enhance the banking experience for our clients. We have upgraded our entire fleet of ABMs across the network, which included the deployment of 33 Intelligent Deposit machines (IDMs) at all branch locations and introduced a secondary drive-thru IDM at our recently renovated Wulff & Jerome Sales Center. Our transition to IDMs has modernized the local banking convenience and accessibility, and clients have been providing us with positive feedback as we continue to enhance our offerings in this regard.”
Archer also noted that the Bank’s new digital collaboration tool called Scotia Access will revolutionize the way some of its clients interact with the Bank. The tool allows clients to communicate with their assigned relationship officer through the Scotia Mobile app.
Beyond financial performance, Archer noted that Scotiabank Bahamas will be continuing its focus on community development and employee welfare. The Bank’s initiatives include hosting financial education seminars, supporting environmental preservation efforts, and promoting diversity and inclusion.
In the wider community, the Bank has also provided major support for several community-based programs and sponsorship of organizations such as Hands for Hunger, The Bahamas Student of the Year Foundation, Junior Junkanoo, The Bahamas Red Cross and the Bahamas Athletics Association by sponsoring the 2023 staging of the CARIFTA Games.
Archer stated: “We recognize the importance of investing in the Bahamian people and fostering a culture of inclusivity. Our efforts extend beyond banking to supporting education, environmental conservation, and social welfare.”
Under the stewardship of Archer, the bank’s success to date has been credited to its commitment to prudent asset growth within its risk appetite, funded by solid growth in core deposits. This approach has yielded significant results and led the Bank’s 2023 profitability to be the highest in over a decade. This achievement Archer noted reflects an ongoing commitment to strategic initiatives aimed at driving sustainably improving revenues, improving efficiency, and enhancing credit quality.”
Archer concluded, “Our strategic focus on innovation, service excellence, and community impact has positioned us for sustainable growth. As we navigate the future, we remain dedicated to exceeding client expectations, driving economic resilience, and making a positive impact on society.”
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