NASSAU, BAHAMAS — In a recent statement, Scotiabank Bahamas suggested that with the introduction of cutting-edge banking technology and constant improvement of existing technologies, “the Caribbean is likely to see faster, more transparent and more secure cashless payments than ever before”.
“The face of banking has changed dramatically in recent years with the COVID-19 pandemic accelerating the transition to digital banking,” the statement read.
“Scotiabank has been a leading proponent of digital banking in the Bahamas and says the expansion of its cashless branch model is based on the trends in the market.
“The bank notes that approximately 93 percent of transactions are currently being conducted at self-service channels including ABMs, point-of-sale machines and online banking platforms.”
While “banking without cash” may seem strange to some, the Scotiabank said the concept is commonplace in other parts of the world, and actually delivers a more holistic experience for banking customers locally.
Director of Retail Banking at Scotiabank Na-amah Barker said that a “cashless branch” switches the focus from day-to-day cash transactions and instead prioritizes customer engagement, including financial advice and planning.
She, however, also stressed that traditional branches will “definitely not disappear anytime soon”. She noted that Scotiabank has also been successfully operating a cashless model in four of its branches at Nassau Main, Palmdale, Paradise Island and Wulff & Jerome for several months.
“The new model has been working well,” Barker said. “Customers can efficiently conduct their cash transactions at our new intelligent ABMs [that] give immediate credit for cash deposits. The machines also allow customers to transfer funds between accounts, pay bills and make loan payments.”
She added: “Our goal as a financial partner is to assist our customers to achieve their financial goals. The cashless model frees up capacity for our staff to allow them to really engage our customers.”
Scotiabank advised that, as part of its digital strategy, it will introduce new products and services to increase convenience and security for customers in the coming months.
