In a number of the 25 RBI global awards categories, it was a close run thing. Not so the category for Best retail bank Latin America: Scotiabank was a clear winner. Douglas Blakey reports
Take a bow Scotiabank: winner of best retail bank Latin America at the RBI Global Awards sponsored by Fiserv.
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Scotiabank has invested heavily across Latin America where it has 1,500 branches in 29 countries. It has launched a new version of its online and mobile banking platform in Mexico and across the Caribbean. Four digital ready branch prototypes have already opened in Mexico. Over the last five years, Scotia’s mobile banking penetration has grown by 700%.
The judges also commended the winning bank’s partnership with boutique venture capital firm QED Investors to promote fintech start-ups in Latin America that are focused on financial technology disruptors.
In addition to its own branches, Scotiabank partners with correspondent banking agent networks in Mexico and Peru.
In Mexico, its customers have access to 18,000 non-bank locations through its relationships with retailers Oxxo, Soriana and City Club, where they can make deposits, pay credit card bills, and withdraw cash. In Peru, customers can access 5,000 non-bank locations through the Agente Scotiabank and Cajero [cashier/teller] Express correspondent agent networks, where they can make deposits, pay credit card and utility bills, access loans as well as top up their cellphones.”
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By GlobalDataScotiabank’s LatAm branch redesign programme is taking place in tandem with a major digital investment in Canada and the LAC region. This includes the launch of a new version of Scotiabank’s online and mobile banking platform in Mexico and 21 Caribbean countries, with Chile and Panama due to go live on the new platform shortly.
Katherine Hayward, vice-president of customer experience and retail banking at Scotiabank International collected the award.
She tells RBI: “Following the opening of our Canadian digital factory in January, we will also open digital factories in Chile, Colombia, Mexico and Peru this year.”
