Company Announcements

Scotiabank Named Best Bank in North America for Innovation in Digital Banking by The Banker Magazine

TORONTO, Aug. 4, 2020 /CNW/ - Scotiabank has been named the Best Bank in North America for Innovation in Digital Banking for 2020 by The Banker magazine, a Financial Times publication. The award recognizes excellence in financial technology and celebrates the innovative strategies of banks in the essential drive to digital transformation.

"In 2017, Scotiabank committed to becoming a leader in digital banking. Since that time, we built a winning team, prioritized our customers' banking experience, and created an industry-leading mobile banking app. When we commit, we deliver," said Brian Porter, President and Chief Executive Officer of Scotiabank.  "This award is evidence that our investments were the right ones for the Bank and for our customers.  Sincere thanks to our employees for making this recognition possible."

"Congratulations to Scotiabank for picking up the accolade for the Best Bank in North America for Innovation in Digital Banking," said Joy Macknight, Managing Editor of The Banker. "Clearly, the resources and investment that Scotiabank has put into digitally transforming have paid off during the Covid-19 crisis. The Bank's ability to respond quickly to client needs, as well as helping them to access banking services digitally, clinched this year's regional award for innovation."

"Over the past five years, Scotiabank has successfully transformed itself into a global digital banking leader by pursuing a single strategy, executed through its digital factories across its five key markets — Canada, Chile, Colombia, Mexico and Peru," said Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation, Scotiabank. "I'm proud of how the Bank has effectively leveraged data and analytics to accelerate digital adoption, offer the right products at the right time, strengthen the Bank financially, and provide customers with a truly great digital experience."

Notable highlights of the Bank's transformation include:

  • The Bank has built a foundation of strong talent, across five Digital Factories in Canada, Mexico, Chile, Colombia and Peru, reinforcing our position as a leading bank in the Americas.
  • Scotiabank has attracted more than 1,000 top technical professionals from across the globe, creating one of the best places to work in Ontario.
  • The Bank released an award-winning mobile banking app in 2019, in Canada.
  • Accessible by design, Scotiabank received the #1 ranking in the J.D. Power 2020 Canada Online Banking Satisfaction Study.
  • The Bank is servicing 2 million Canadians everyday via fast, simple and secure products.
  • Through the COVID-19 pandemic, through Scotiabank's retail and Tangerine businesses, the bank has provided financial relief to more than 315,000 customers in Canada, with most of these efforts deployed through digital channels. In the Pacific Alliance countries, the bank processed 2.5 million customer assistance programme applications in record time, 80% of them digitally1.

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1 Digital % applies to customer-driven deferrals only

After successfully building its technology foundation over the past few years, the Bank has pivoted to accelerate its digital transformation and its teams have gone into overdrive during the COVID-19 pandemic. The Bank's design, data analytics, product, and engineering teams delivered solutions — often across borders — that have improved the customer experience, provided relief during the pandemic, generated new revenues, and transformed how the Bank operates, leading to cost avoidance and savings, as transactions migrated to its digital channels.

The award from the Banker, received virtually on August 3rd, 2020, acknowledges the Bank's investments in digital and technology, as well as its efforts to provide a simple, seamless customer experience.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future," we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 97,000 employees and assets of over $1.2 trillion (as at April 30, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank