Scotiabank reports digital progress amid covid pandemic

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Gayle Pazos, Managing Director of Scotiabank TT. PHOTO COURTESY OF SCOTIABANK –

SCOTIABANK TT Ltd has made several strides in digital transformation during the covid19 pandemic. Chief Executive Gayle Pazos provided an update on the bank’s digital transformation initiatives at its virtual 52nd Annual Meeting of Shareholders on Wednesday.

“As of October 31, 2021, approximately 67% of our customers, an increase of 13% from 2020, were registered on our digital platforms and we have seen digital transactions increase by more than one million or 42% compared to the previous year.

Pazos described the numbers as a true testament to the bank’s customers’ trust in its digital platforms.

“We also saw in-branch transactions decline further, from 7.9% in 2020 to 4.3% in 2021, as customers increasingly used our online platforms for routine transactions during the pandemic. »

The Scotia Caribbean mobile app is another element of the bank’s digital transformation initiative.

“This resulted in a 65% increase in digital sales for deposit accounts and 242% for credit cards.”

In 2020, the bank set up a digital support unit to support and help its customers use online and mobile banking. Following the unit’s work, Pazos said, “We’ve seen our digital adoption rates reach 47% in 2021.

She has been encouraged by the number of senior customers embracing the use of the bank’s digital platforms.

“Between 2020 and 2021, there was a 102% increase in the number of senior customers using our online channels, proof that our dedicated approach with this group of customers was worth it.”

She promised improvements in these and other digital initiatives as the bank continues to develop quality services for its customers. The bank hosted over 42,000 online courses and sessions.

Pazos said the goal is to enable “continuous development opportunities for all employees, to prepare them for this changing world.”

President Derek Hudson shared his pride in the progress of the bank’s digital transformation.

“Over the past year, digital transactions have increased by more than one million or 42% over the previous year.”

Pazos also said the bank continues to play its role as a responsible corporate citizen in contributing to the national response to the pandemic. Through collaboration with various non-governmental organizations, Scotiabank has sought to encourage food sustainability initiatives throughout TT.

Pazos said: “So far, 12,000 households in southern Trinidad and many homes for children and children with special needs across the country have established vegetable gardens and grow boxes.”

The bank, she continued, has also made donations to various NGOs and charities, which has enabled 26,000 people to receive food aid and other supplies since the start of the pandemic in 2020.

Pazos added that through collaboration with 14 NGOs and 60 schools, the bank was able to help nearly 1,200 students who could not physically travel to school to access online learning.

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