Scotiabank Streamlines Accounts to Meet Changing Customer Needs

Scotiabank has announced changes to its retail deposit account suite in Barbados, effective February 1, 2015.

The changes cover deposit account fees and features and are intended to ensure that accounts match customers’ changing needs while also encouraging the use of more convenient banking channels.

Customers can see the new account features online at www.barbados.scotiabank.com as well as displayed in branches island-wide.

(PERSONAL FILE IMAGE) Managing Director David Noel explained: "These changes will simplify the features and fee structure of our accounts so they will be better suited to what our customers are using the accounts for - whether saving or regular transactions. And they will be tailored to suit how our customers prefer to do their banking - whether in the branch, via ATM, online or mobile."

(PERSONAL FILE IMAGE) Managing Director David Noel explained: “These changes will simplify the features and fee structure of our accounts so they will be better suited to what our customers are using the accounts for – whether saving or regular transactions. And they will be tailored to suit how our customers prefer to do their banking – whether in the branch, via ATM, online or mobile.”

The changing banking habits of the modern customer are in focus, with Scotiabank making it more convenient and cost effective to use their ATM, online and mobile banking products.

“When it comes to use of technology, Barbados ranks third in the Americas with an internet penetration rate of 75%. Despite that, Scotiabank has only managed to get less than 25% of our customer base using our online services, so we need to do a better job of making customers aware of our electronic banking channels,” Mr. Noel admitted.

To that end, we’re about to launch a new initiative where we will have a representative in branch who will be equipped with a tablet computer and will demonstrate to customers how to use online and mobile banking.”

“We want to make it easier for Scotiabank customers to do their banking at their convenience so we’ve put a lot of work into our online banking platforms. Given that Android now accounts for over 50% of the smartphone market, we’ve recently introduced an Android mobile banking app to add to our existing apps for the iPhone and Blackberry. We were recognised last year by Global Finance as the Best Consumer Internet Bank and we want to spread the word about how convenient it is to do your banking with Scotiabank online.”

The bank is also introducing incentives for using other self-service banking services and has removed charges for using Point of Sale on transactional accounts.

However, Mr. Noel pointed out that even with the self-service banking thrust, Scotiabank is still dedicated to serving their customers who want the added flexibility of in-branch banking through its Total Access Accounts. For a monthly fee, these accounts will accommodate up to 10 in-branch transactions per month as well as unlimited self-service transactions. Deposits made in branch will now count as transactions and may be subject to a nominal fee when the number of free transactions is exceeded.

A special provision has been made for seniors who can use the Total Access Senior Account which has no monthly fee. “We are aware that many of our seniors may still prefer to do their banking in the branch and so they will not have to pay a monthly fee for their Total Access Account,” said Mr. Noel.

“We hope customers will visit the website to learn about the changes and find information on our different accounts to ensure they have the right account for them based on their banking habits,” continued Mr. Noel. “We have an account to match whatever financial goals a customer may have, and we are here to work with customers to select an account that best meets their needs.”

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