Canadian lender Scotiabank has announced plans to implement digital innovation across all its customer touch points to boost operational efficiency.
In retail banking, the bank plans to adopt digitally-equipped branch models, which are currently piloting in Mexico, and will soon be piloted in Canada.
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At the same time, it also wants to build a new business lending platform.
For the home market, the bank will invest $100m in technology upgrades in retail banking such as iPad tools and improved scanning and imaging. In Mexico, it will invest $185m in a new core banking system.
Plans are also on to accelerate and simplify onboarding process for mortgages, credit cards, day-to-day accounts, and small companies.
Further, it intends to connect wealth management services including investment advice and estate planning in Canada through a single digital platform.
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By GlobalData"Customer service is at the centre of everything we do. As we embrace more innovative, nimble and adaptive approaches, the changes we are making will enable the Bank and our employees to better serve our customers. We believe they will also deliver good value to shareholders. Taken together, our efforts are positioning us for long-term growth and it will be an exciting time for our employees as we build an even better bank," the bank said.
