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Scotiabank says branch changes a response to customer trends

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Audrey Tugwell Henry, President and CEO of Scotiabank Jamaica
 
Scotiabank Jamaica says upcoming changes to its retail branch network are not part of cost cutting measures.
 
Audrey Tugwell Henry, President and CEO of Scotiabank Jamaica, says the proposed closure of the Cross Roads branch and the conversion of three other branches to digital operations, are aimed at fitting customer trends. 
 
"What we're seeing is that, of the total transactions done by our retail customers, about four per cent of those transactions actually happen in our banking halls with our customer service officers, so that shift has taken place. So when we look at the universe of transactions - deposits, withdrawals, enquiries, transfers of funds - our customers are by and large choosing to do those transactions digitally, and in 2017, that was about 21 per cent," she revealed. 
 
Mrs. Tugwell Henry said the Cross Roads branch will be closed as soon as Scotiabank gets the approval from the Bank of Jamaica. 
 
Cross Roads customers will be relocated to the company's New Kingston office. 
 
Scotiabank's Linstead, Montego Bay and Hagley Park Road branches will be converted to digital outlets.
 
Sixty-eight workers will be affected. 
 
The bank is moving to complete the process before the end of its financial year in October 2022.
 
 


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