Scotiabank TT cops 3rd Bank of the Year award for 2022

The content originally appeared on: Trinidad and Tobago Newsday

Scotiabank’s Independence Square, Port of Spain branch. – FILE PHOTO/AYANNA KINSALE

Scotiabank TT has received a third Bank of the Year 2022 title. The award was given by The Banker Magazine, a Financial Times publication.

In a release, Scotiabank TT said the award recognised the organisation for delivering excellence in returns, strategy, innovation, technology, and product and services in the local banking industry. It said The Banker Magazine is regarded as the industry standard for banking excellence. Its Bank of the Year Awards select winning banks based on those that have made the most progress over the past 12 months.

On its website, the magazine said the TT branch of the bank had started to reap the results of its digital transformation journey, which is delivering improved banking experience for its customers.

“As of February 2022, approximately 47 per cent of customers – a 14 per cent increase on the previous year – were enrolled on the bank’s digital platforms. Digital transactions increased by 42 per cent over the same period by over one million.

“The bank said net profits increased by 19 per cent in 2021, driven by digitisation and a reduced cost to serve and prudent risk management which realised a reduction in net impairment losses when compared to 2020.”

The publication said Scotiabank TT had introduced new features to make personal banking in the country easier.

“It has been working on a new digital onboarding process which enables customers to open an account in about 15 minutes. Customers with an existing deposit account or credit card can now open a new account using the bank’s app. This has resulted in a 156 per cent increase in digital sales for deposit accounts and 43 per cent increase for credit cards.

It said last year the Scotia Caribbean app was enriched with additional features, including the introduction of Scotia SelectPay, and now it is possible to share account details in a simple way using e-mail, SMS or WhatsApp to make transfers. Customers were provided with greater flexibility/payment optionality for larger credit card purchases; and the ability for customers to open additional accounts online. In addition, loan statements and credit card receipts are easily downloaded through the platform.

An additional highlight was the introduction of Scotia eCom+, a new digital payment solution for businesses, according to the bank.

Scotiabank TT senior vice president and managing director Gayle Pazos, said this has certainly been an exciting year for the bank and its customers.

“Our team continues to innovate while maintaining a customer-first mindset. We have and will continue to introduce new services, products and tools, providing a safe, convenient and customer-friendly banking experience for our customers.

“As we look to the future, putting customers first will remain at the forefront of everything we do, helping them be better off today and tomorrow. With competitive products, accessible, personalised services and high-quality advice, we are building stronger customer relationships, ultimately benefiting our employees and shareholders.”

Scotiabank TT said the important recognition comes on the heels of a number of leading industry awards for the bank in 2022. These include Best Bank by Global Finance; Bank of the Year by LatinFinance and Best Digital Bank by Global Finance.

Scotiabank was also named the Bank of the Year 2022 in Barbados, Canada, Jamaica and Turks & Caicos and was recognised with the Global Banking in the Community Award.