The Bank of Nova Scotia Jamaica (BNSJ) has shed light on its decision to reduce its branch network, by stating changes are in line with significant shifts in customer behaviour over the past few years which have accelerated since the onset of the COVID-19 pandemic.
According to officials, branch traffic in some locations has been reduced by as much as 50% as customers continue to utilise digital banking platforms.
Last month branch transactions represented less than 6% of total transactions while online and mobile transactions accounted for more than 30% And automated Banking Machines and point of sale transactions accounted for the remaining 64%.
Following the closures, the bank will still have 29 branches as well as 277 Automated Banking Machines.
The bank will close its Black River location next February and the Old Harbour branch in April - their operations will be consolidated into the Santa Cruz and May Pen branches.
Six other branches will be converted to the digital operating model in January.These are Christiana, Falmouth, Portmore, Port Antonio, Port Maria and St. Ann's Bay.
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