Saturday 17 November, 2018

Digital transactions surpass branch transactions at Scotiabank

For the first time ever, Scotiabank has seen more users of digital banking platforms than people who actually walked into a branch over 25 per cent of transactions taking place online compared to 22 per cent in branch.

This crossover illustrates the broader trend of digital channel engagement growing while physical channel usage is shrinking, the bank said.

In a year over year comparison, Scotia Online banking transactions grew by 19 per cent, while branch transactions declined by nine per cent. At the same time ATM transaction usage continued to grow at a slower pace, increasing by six per cent year over year.

According to Scotiabank Vice President Marketing, Yanique Forbes Patrick “Scotiabank has invested significantly in digital technologies and have been working to improve the adoption and usage of these lower-cost digital channels while enhancing customer’s banking experience”.

Scotiabank’s digital growth has come through an aggressive rollout of varied new capabilities, investing in features, such as the Mobile App, Digital Sales and Mobile Top up. Services offered through the Scotia Mobile, Online and ATM channels are increasingly being used to complete simple banking transactions such as transfers, bill payments, mobile top-ups, viewing of statements and checking of accounts.

Digital banking has become incredibly important channels for banks, as an increasing number of customers prefer using digital devices to conduct banking activities due to the simplicity and convenience.  Across the world Banks have seen dramatic uptake in digital transaction with the move now specifically toward mobile transactions.  According to research conducted by Mastercard in the United Kingdom, nine out of ten now use online banking or banking apps, and 54 per cent access them daily, most of whom welcome the option and believe it makes their lives easier and safer.

Similarly PwC’s 2017 Digital Banking Consumer Survey 46 per cent of consumers use only digital channels today compared to 27 per cent four years ago.