Scotiabank tech invest increases 13% YoY in Q2

Scotiabank bought innovation in the 2nd quarter driven by project-related expenses and software application and licensing expenditures.

The Canadian bank’s tech invest in Q2 increased 13% year over year to $383 million, according to the bank’s quarterly profits discussion.

WHY IT MATTERS: In Q2, the bank concentrated on consumer development, purposeful allotment of capital and functional performance to increase success and minimize expenses, Chief Executive Scott Thomson stated today throughout the bank’s profits call.

The Bank of Nova Scotia (Scotiabank) headquarters in Toronto, Ontario, Canada, on Wednesday, March 8, 2023. Rising rates are expanding Canadian banks' net interest margin, but a flatter and inverted yield curve limits upside, and a peak may come in 2023.
Photographer: Della Rollins/Bloomberg

This is an ongoing effort from Q1 when Thomson talked about efforts to minimize costs in noncritical locations as the bank kept an eye on the macroeconomic environment.

BY THE NUMBERS: Scotiabank published in Q2:

  • Digital usership grew 6% YoY to 9.9 million; and
  • Mobile usership increased 11% YoY to 7.8 million.

NOTEWORTHY: In April, Scotiabank’s Group Head of International Banking and Digital Transformation Ignacio “Nacho” Deschamps revealed his retirement.

He “led the bank through an enterprise wide digital journey,” CEO Thomson stated in a release.

The bank designated Francisco Aristeguieta as group head of global banking, according to a bank release. Aristeguieta’s consultation worked May 1, and he is accountable for driving the engagement of customers in global markets.

FUTURE APPEARANCE: The bank finished its nationwide rollout of mobile app benefits program Scene+ throughout the quarter, Thomson stated, keeping in mind that there are strategies to improve the program this summer season with the addition of house hardware.

“The Scene+ program is exceeding our expectations. Scene+ has in excess of 13 million members and climbing with Quebec driving an oversize share of that growth,” Thomson stated.

Editor’s note: All quantities have actually been transformed to USD.


A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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