Scotiabank is ramping up its digital transformation and will be investing heavily in its Automated Teller Machines (ATM) network to meet the growing demands of its customers.

Scotiabank President and CEO Davis Noel told The Caribbean Business Report that the bank has already purchased and installed 50 new ATM machines since the start of the year with “another 50 new machines to be rolled out by year-end”.

He said these ATMs are equipped with new and faster software, touch screen interface, and other up-to-date features. The new ATMs, replaces the old fleet, which is aged and had a number of customer-service issues.

Pointing out that Scotiabank is becoming more customer focused, Noel highlighted data showing that the bank’s customers are leveraging digital platforms to transact their banking business. According to the Scotiabank boss, “the data show that only 13per cent of transactions are happening in the branch, 38per cent at ATMs, 28per cent at point of sale (POS) machines, and 21per cent using the online and mobile platforms.”

To this end, Scotiabank will be improving and expanding its digital footprint to meet this growing demand. “Digital is the way to go,” Noel lamented.

As part of this digital thrust, Scotiabank has partnered with Digicel in offering its customers free mobile banking, which he said has been going well. He added that the digital thrust is also on the security side and pointed to new security services such as transaction alert and credit card controls.

During the April quarter, Scotiabank’s earnings suffered from higher one-off costs, the bulk of which related to the $1.4 billion so far spent on upgrades to the ATM network as well as the refurbishing of its branch and corporate offices, which sit near the waterfront in Kingston.

Noel reported that this performance was in line with its strategy, which is to focus on core activity, invest in infrastructure, and then go for growth.