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Canada's Scotiabank to open technology hub in Toronto

Published 2015-10-16, 11:47 a/m
© Reuters. Canada's Scotiabank to open technology hub in Toronto
BNS
-

TORONTO, Oct 16 (Reuters) - Bank of Nova Scotia BNS.TO
said on Friday it is creating a digital hub in downtown Toronto
to help lure technology talent and drive innovation for Canada's
third-biggest lender.
The "digital factory" will have more than 350 employees,
including existing staff and new hires. It will open its doors
in the middle of next year.
The hub is expected to use technology to simplify banking
and will be predominantly focused on products for Scotiabank .
The center also looks to partner with fintech companies and
startups.
The move comes amid increasing competition from technology
startups and online lenders who have started to cut into
segments that have been historically dominated by the big banks.
Several of Canada's major lenders have been trimming costs
and pulling back in traditional areas such as retail branches
while beefing up their efforts on technology.
"It's critical that we bring new skills into the
organization. Clearly, we see the factory as a way to attract
new talent," Michael Zerbs, co-head of information technology at
Scotiabank, said in an interview.
"It's really one part of a much larger technology
initiative."
Zerbs declined to say how much Scotiabank plans to spend on
the initiative.
While this is the company's first major digital hub, there
might be an opportunity to export the technology to the bank's
international locations, which include Mexico, Chile, Colombia
and Peru, he said.
Earlier this year, Chief Financial Officer Sean McGuckin
told Reuters that Scotiabank was planning to step up investments
in technology over the next three years. urn:newsml:reuters.com:*:nL2N0X629H

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