Canadian multinational bank Scotiabank announced on Friday it is launching what it calls a “Digital Factory” as a way to help accelerate the fintech industry while also helping to improve its customers’ experience in mobile and digital banking transactions, account opening, loan adjudication, and mortgage lending.
The bank revealed that the 70,000 square feet facility, which is located in Toronto near its global corporate headquarters, will now employ digital, design, engineering, and agile specialists. The space will also facilitate collaboration, creativity, and real-time direct customer input to develop innovative solutions.
Brian Porter, President and CEO of Scotiabank, stated:
“All Scotiabankers are deeply proud of our five Digital Factories and the work that is taking place in these facilities. These creative workspaces are inspiring and encouraging entrepreneurism, accelerating delivery times and allowing our teams to sharpen their focus on meeting the needs of our customers. They are also playing an important role in spurring FinTech innovation, productivity and job growth in their local markets.”
The launch of Scotiabank’s Digital Factory comes less than two months after the bank formed a partnership with QED Investors to promote fintech startups in Latin America. At the time, Ignacio Deschamps, Global Head of international Banking and Digital Transformation at Scotiabank stated:
“We are excited to partner with QED Investors as their experience and deep understanding of customer trends, fintech business models and digital disruption will help us bring leading-edge best practices in innovation to our customers. With QED’s hands-on FinTech experience, we will be uniquely positioned to partner with the emerging ecosystem of FinTechs in Latin America. The business models of FinTechs are attractive to consumers and an opportunity for us to learn, invest and partner.”