Scotiabank introduces Visa debit card among new digital services
Scotiabank's Managing Director Stephen Bagnoral, right, with Damian Jones, General Manager, Corporate and Commercial Banking, Scotiabank at the launch of the bank's digital services on Thursday night.
Scotiabank has unveiled a series of digital services in an effort to improve security for all its customers and enhance their banking experience.
Among the new services are security alerts, new Intelligent Deposit Machines that allow you to deposit cash minus an envelope and the replacement of existing debit cards with new Scotiabank Visa debit cards. Corporate and commercial customers will also benefit from mobile payment technology and new digital tokens.
The new services were unveiled at a function at the Hyatt Regency Hotel on Wednesday night.
Stephen Bagnarol, Managing Director of Scotiabank said the bank aims to become the number one digital bank and has invested more than TT16.5 billion in technology annually across the bank and investing 10 percent of their revenues into technology.
He assured that the new services would not result in a loss of jobs. In fact, he said, it has created jobs as they have hired about 50 people to handle the new technology.
“Scotiabank announced last year Cdn$250 million to help retrain because if you have staff today doing transactions you have to retrain them now for this new digital economy,” he said.
He stressed that the new digital focus puts more emphasis on people and changes the conversations.
“We want our customers to come into the branch, just don’t come in to pay a bill, you can do that much more conveniently wherever you are at home or in your office. Come in and let’s talk,” he said.
To facilitate those new conversations, Scotiabank is introducing digital branches, the first of which was opened at Price Plaza in 2018. Finishing touches are being done to the second location and discovery at the flagship branch at Scotia Centre. These branches, he said, will have a more open design and allow for enhanced discussion.
Addressing security issues that have been plaguing banks, Bagnarol said while phishing and skimming is an industry issue, Scotiabank has created tools for their customers to give them control and monitor their transactions.
Asked about the adoption rates for their digital services, Bagnarol said they have seen over the last quarter, customers adopting digital channels have increased by 13 percent.
Below are the new digital products launched by Scotiabank
Customers will receive real-time notifications regarding activity on their accounts via push notifications on the Scotiabank Caribbean Mobile App or email. Alerts include information on transactions such as all ATM usage, bill payments and transfers to third parties and credit card usage; security alerts; and Credit Card controls. Alerts are free and customisable.
Visa Debit chip
Scotiabank will replace its debit cards with the Scotiabank Visa Debit Card to give customers greater access anywhere Visa is accepted. The microchip embedded in your card encrypts your data, providing enhanced security against counterfeiting when used at a chip-enabled terminal.
Branch Customer Management System – Qflow
Scotiabank is piloting an initiative that is aimed at improvements their customer experience by providing them with a seated waiting area and prioritising transactions. This will include an automated kiosk which customers would use to select the reason for their visit to the branch. Based on their selections, a ticket is generated, the requests are queued and then branch representatives will help customers fulfill their requests.
Intelligent Deposit Machines
These new generation ATMs will include a touch screen interface and when depositing cash or cheques there will be no need for an envelope as the machine will scan the cash or cheque and provide a receipt. Customers will be able to pay their bills once it has been set up with Scotia Online Banking.
For Commercial and Corporate Clients
Physical tokens to log in to the cash management portal will be replaced by digital tokens which will allow customers to have access via smartphones and other devices. The Digital Token App is free and available on IOS and Android devices.
Mobile Payment Technology
With the soon to be available Quick Pay App which connects to the device via Bluetooth customers will be able to pay on the go.