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
Excerpts
Scotiabank's Digital Products and Services
Since 2015, Scotiabank had spent $10.7 billion on technology. At the end of 2015, it partnered with fintech start-ups to embrace digital banking. In 2017, it launched Scotiabank Digital Factory, a digital production facility, to improve customers’ experience in several areas such as mobile and digital banking transactions, account openings, loan adjudication, and mortgage lending.
In October 2018, Scotiabank partnered with CGI Inc. to promote Intelligence Automation . This helped the bank achieve digital transformation by empowering trade finance operations and compliance and relationship management with the digitization of paper document flows.
Navigating the Covid-19 Crisis
Scotiabank’s huge technology spend over the previous five years had left it prepared to deal with any crisis situation such as the COVID-19 pandemic. The bank took several measures to support both employees and customers during the crisis. It joined hands with government to provide support to Canadian businesses impacted by the consequences of the COVID-19 pandemic, introduced the Payment Deferral Process, Direct Deposit of Cheques, Faster Mortgage Deferral Process, Business Continuity Plan, Employee and client communications, and Digital Banking for seniors. ..
Road Ahead
Along with its precautionary measures, Scotiabank improved its digital banking offerings by introducing new efficient Automated Teller Machines (ATMs), Intelligent Deposit Machines that allowed customers immediate access to their deposits, introduction of new transaction and security alerts, and the addition of credit card controls. That resulted in growth of its online and mobile banking offerings. By the end of May 2020, the International Banking segment of Scotiabank had processed over 2 million CAP applications on loans totalling US$ 20 billion. Its digital capabilities in the Pacific Alliance resulted in approximately 80% of CAP applications being enrolled via digital Omni channel tools. To support small businesses and corporate clients, the bank provided additional loans of over US$ 45 billion. Its digital banking solutions were adopted by more than 140,000 customers. That resulted in an increase in digital transactions by 50% compared to the previous year. The bank saw strong growth in its digital subsidiary Tangerine and online discount brokerage iTrade...
Exhibits
Exhibit I: Scotiabank Financial Divisions, Types of Products & Services
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