By: Anthony Morgan

Outgoing President and CEO of Scotiabank Jamaica, David Noel, downplayed concerns that the bank was disinvesting in the island amid a pull-out in other Caribbean territories. 

Scotiabank made a number of local changes recently.  The bank said this is to better align its revenue with costs—with an emphasis on reducing its rental bill. At the same time, its executive positions will change next year when Noel returns to Canada.

That said, Scotia has invested J$1.5 billion to renovate its Head Office in Downtown, Kingston which Noel expects will lead to better customer service.

David Noel, President & CEO of Scotiabank Jamaica

Scotia has “big plans” for Jamaica which remains a key market for the group headquartered in Canada, added Noel, but a number of rural customers will see bank closures and other changes.  Specifically, the bank will close its Black River Branch next February as well as its Old Harbour Branch a few months later in April 2021. The Black River branch operations will be consolidated into its Santa Cruz branch, while Old Harbour will be streamlined into the May Pen branch.  Additionally, six branches- Christiana, Falmouth, Portmore, Port Antonio, Port Maria and St. Ann’s Bay, will be converted to digital branches starting January, which means they will not conduct cash transactions. Noel, however, pointed out that customers can get cash outside at ABMs.

Over 80 new ATMs were installed this year, with added features such as offering small loans, direct deposit and withdrawals. Noel however conceded that technical issues at times affected the reliability.

The bank wants to reduce cash transactions in its branches in order to provide more time for customer advice and structured financial solutions. Noel wants branches converted from having long lines to being hubs for customers.

The trend towards digital has accelerated with the onset of the pandemic with branch traffic in some locations falling by as much as 50%, according to Noel. As at September 2020, Scotia said branch transactions were less than 6% of total transactions. Online and mobile transactions accounted for over 30%; and ABM and point of sale made up the remaining 64%.  

Noel said that the bank will add more advisors to help elderly customers and those not comfortable with technology to transition online or use its cashless alternatives.  

“There will be a number of areas in-branch to help these persons,” he said, noting that staff will be outfitted with masks and face shields as they assist customers.

He said as part of its digital transformation initiative, the bank will also be rolling out “special social zones” in branches, providing iPads for customers to come in and use. 

The highlight of Noel’s tenure in Jamaica included the digital transformation and the bank’s loan growth. Noel, who is Jamaican, will return to Canada to take on the role as head of Scoitabank’s Atlantic region. Audrey Tugwell Henry, who currently heads the retail arm of the bank, will replace Noel on January 1, 2021.  

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