The Tribune

A Scotiabank (Bahamas) executive says local businesses could slash their banking fees by up to 75 percent if they more fully embrace digital banking.

Gregory Stuart, the bank's director of corporate and commercial banking, said COVID-19 had sparked the acceleration of its own digital initiatives and the delivery of new and enhanced services to its customer base.

“We have placed emphasis on providing clients with alternative banking avenues, focused on three main areas - receivables, payables and reporting. Proactively supporting a client’s transition to digital channels and solutions during this pandemic has resulted in greater efficiencies for our clients," he added.

With lockdowns, reduced foot traffic, shorter operating hours at branches and other virus containment measures still impacting business operations, Mr Stuart said Scotiabank continues to facilitate day-to-day business banking operations via the use of technology.

He said it has provided extra options for businesses to collect from customers via merchant services, collections services and bill payment options.

“We now offer standalone devices (wired and wireless devices equipped with a SIM card) that facilitate point-of-sale transactions in remote locations. Additionally, all of our machines now have the function of accepting contactless transactions (TAP) for added safety during these times,” Mr Stuart said.

“Through a variety of bespoke banking solutions we have helped many of our customers to maintain buoyancy and, in many cases, they have been able to pivot, accelerate or even expand operations, despite ongoing challenges in the local economy."

Scotiabank said it has seen a spike in the number of businesses signing up for online banking services, and has been able to offer - in some cases - reductions in annual banking fees and significant reductions in processing times for certain transactions.