UBS unveils global fintech challenge

Toronto-based Bank of Nova Scotia officially opened the doors to its 70,000 square foot digital factory, which will act as the home base for the development of financial technology (fintech) tools to enhance clients’ banking experiences.

The factory, which is not far from Scotiabank’s corporate headquarters in downtown Toronto, will employ digital, design, engineering and agile specialists that will look for ways to improve mobile and digital banking transactions, account openings, loan adjudication and mortgage lending, according to a news release from the bank.

The digital factory includes a customer usability lab, in which Scotiabank factory employees can meet with clients to test tools that are in development, the announcement states: “It helps our teams understand what our customers want and need, and enables us to capture real-time feedback and iterate on what has already been designed.”

Scotiabank is also touting the factory’s security features, which include biometric technology that allows employees to pass security checkpoints with a simple hand movement allowing the technology to capture fingerprints.

Scotiabank’s Toronto digital factory is just the beginning of a network of fintech spaces for the bank. It will enhance its sizable retail banking presence in South America with digital factories in Mexico, Peru, Chile and Columbia.

“These creative workspaces are inspiring and encouraging entrepreneurism, accelerating delivery times and allowing our teams to sharpen their focus on meeting the needs of our customers,” says Brian Porter, president and CEO of Scotia, in a statement. “They are also playing an important role in spurring fintech innovation, productivity and job growth in their local markets.”

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