Scotiabank invests millions of dollars in digitalisation; simplifies operating models
Scotiabank in digital, organisational and operating overhaul
Canada’s Scotiabank named key components of its technology and operations strategy at the recent annual meeting of shareholders. These (unsurprisingly) focus on digital transformation, technology investment and the simplification of its organisational and operating models, as the nature of work and roles change.
Brian Porter, president and CEO of Scotiabank, said that “a comprehensive change agenda” has been put in motion “to position Scotiabank for the future”.
Digital innovation across customer touch points is essential to meet customer demands and improve efficiency, he explained. This includes the overhaul of its retail branch network, i.e. “moving towards digitally-enabled branch formats that will allow our employees to be more focused on providing financial advice and solutions”.
This format is currently being piloted in Mexico, to be followed shortly by Canada.
Scotiabank’s key initiatives include:
- Investing $185 million in a new core banking platform in Mexico. The bank is a long-standing user of the Cobis core banking system from a regional vendor, Cobiscorp. It is worth noting that this is not the first time Scotiabank’s core banking system in Mexico is in the spotlight. Back in November 2014, Porter mentioned at a conference call that a new core banking system was being installed in the Mexican subsidiary.
- The development of a new platform for business lending.
- “Dramatically” improving the speed and simplicity of onboarding process for mortgages, credit cards and day-to-day accounts, for consumers and SMEs.
- Upgrading and expanding online and mobile banking capabilities (e.g. online advice, tools and pre-approved solutions) across international operations.
- Investing $100 million to upgrade technology and tools across the Canadian retail network, including iPad tools and better scanning and imaging.
- Also in Canada, implementing a single digital platform to connect wealth management offerings (e.g. investment advice and estate planning) and reduce silos.
“As we embrace more innovative, nimble and adaptive approaches, the changes we are making will enable the bank and our employees to better serve our customers,” Porter stated. “We believe they will also deliver good value to shareholders.”
