Bank of Nova Scotia (BNS) is currently testing its Internet banking facilities, using its staff as a precursor to launching the service to the public within a few weeks.

The bank anticipates that 10 per cent of its customer base will eventually utilise the service.

"We will launch the system in a few weeks," says Audrey Tugwell, Scotiabank's general manager of retail and electronic banking.

Currently half of the 1,800 staff are involved in the test.

"We launched the system internally late June, so we are testing it for about six weeks now," explained Tugwell. "About 50 per cent of staff signed on. There are 1,800 staff."

Internet banking will allow those customers who are equipped with a computer, Internet connection and a Scotiabank (debit or credit) card, to conduct a whole range of banking business without leaving their home or office. Among these services:

* balance inquiry,

* funds transfer,

* bill payments transactions.

BNS developed its Internet banking in-house with help from Atlanta-based software firm S-1. Tugwell would not disclose the cost of the system.

The Internet banking charge per transaction is yet to be announced, but Tugwell said it would probably be cheaper to the customer than using the bank's branch network for transactions.

"Online banking is more efficient and cost effective than at a branch because there is no staff costs involved," she told the Business Observer.

Scotia's Internet banking will initially be launched to retail customers and then to corporate customers. Tugwell said that it was more convenient to open retail accounts first because there were no payroll issues involved as in servicing corporate clients' accounts.

Rival bank, National Commercial Bank of Jamaica (NCB) launched its Internet banking last month to its retail customers, having previously introduced the service to its corporate customers.

NCB is currently working to incorporate e-commerce facilities for its credit card clients, a service BNS has already offered for over a year.

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