Bank moves full speed ahead with digital branches

SIX branches of Scotiabank have gone full digital, removing the day-to-day over-the-counter cash transactions and instead prioritising other banking functions, including financial advice and planning.

A key feature of the digital branches will be Wi-Fi-enabled social zones where customers can use tablets provided by the bank or their own device to utilise or get assistance with digital banking.

The bank’s President and CEO Audrey Tugwell Henry said Scotiabank has been successfully operating a ‘cashless’ model in its branches located at The University of the West Indies, Mona Campus, and Ironshore in Montego Bay for several years, adding that the digital branch model is an upgrade of the cashless model with the addition of smart devices which enable customers to conduct online transactions.

The bank reported that as at January 2021, 32 per cent of total transactions were conducted at an automated teller machine (ATM), 64 per cent were conducted using point-of-sale machines and digital banking, and only five per cent conducted in physical branches.

The Scotiabank locations using the digital model are Christiana, Falmouth, Portmore, Port Antonio, Port Maria, and St Ann’s Bay.

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