Scotiabank: Helping Customers and Employees Navigate through the COVID-19 Crisis
| Case Code: BSTR612 Case Length: 11 Pages Period: 2015-2020 Pub Date: 2020 Teaching Note: Available |
Price: Rs.400 Organization: Scotiabank Industry: Banking Countries: Canada Themes: Technology in Banking, Banks and Banking, Digital Strategy, Macroeconomic Environment |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In June 2020, Scotiabank (formerly known as The Bank of Nova Scotia), the Canadian multinational banking and financial services company with assets of over $1.2 trillion and approximately 97,000 employees, received the Retail Banking Security Innovation of the Year Award from Retail Banker International (RBI) . This award was in recognition of Scotiabank’s use of digital technologies to create a financial crimes risk management program. Over the years, Scotiabank had been at the forefront of using digital technologies like Smart Automation in its banking operations and customer service. That helped the bank to improve its customer service and control online frauds.
As the COVID-19 pandemic swept through the world, the biggest challenge for banks like Scotiabank was to provide continuous support to customers and employees to ensure uninterrupted banking. With the help of Smart Automation, Scotiabank continued to offer its products and services such as mortgage, direct deposits, and loans online.
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