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Digital transactions surpass branch activities at Scotiabank
More Scotiabank customers used its digital banking platforms than thosewho walked into its branches.
News
December 10, 2017

Digital transactions surpass branch activities at Scotiabank

SCOTIABANK says, for the first time ever, it has seen more users of digital banking platforms than people who walked into its branches.

In a release on Friday, Scotiabank said more than 25 per cent of transactions took place online compared to 22 per cent done in branch.

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

“In a year over year comparison, Scotia online banking transactions grew by 19 per cent, while branch transactions declined by nine per cent,” the release said. “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 customers’ banking experience.”

Scotiabank said its digital growth has come through an “aggressive” roll-out 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, the release said.

According to Scotiabank, digital banking has become an incredibly important channel for financial institutions, as an increasing number of customers prefer using digital devices to conduct banking activities due to the simplicity and convenience.

Across the world, Scotia said banks have seen dramatic uptake in digital transactions with the move now specifically toward mobile transactions.

“According to research conducted by Mastercard in the United Kingdom, nine out of 10 [people] 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,” the release said.

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

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