Toronto-based Bank of Nova Scotia has launched its first “Scotiabank Solutions” bank branch in Guelph, Ont. on Monday, which will be focused primarily on providing clients access to financial advice as well as financial education programs.
“We did extensive customer research on this format,” says Tracy Gomes, vice president of customer value proposition at Scotiabank, “to find out where it is that customers feel they have a gap in their financial knowledge, and catered all of what we brought to this branch [concept] to that.”
At the Scotiabank Solutions branch, clients can meet with individual financial advisors, or take advantage of a variety of interactive digital financial tools and services available to them at the location, the bank says. The branch will also offer free financial classes tailored to three levels: beginning, intermediate and advanced. The branch is offering 20 different classes so far, ranging in length from 10 to 40 minutes, Gomes says.
Although the Scotiabank Solutions bank branch format is still in “proof of concept” testing stage, Scotiabank already has plans to open another Scotiabank Solutions branch in Kitchener, Ont. in October.
“We’ll continue rolling out,” Gomes says, “and as we see there are elements of the branch [concept] that are working particularly well for customers, we’ll start to incorporate some of those into our full-service branches as well.”
In addition to financial advice and services, the Scotiabank Solutions branch will also have tailored branch hours to meet community needs and ATMs that will offer enhanced services, such as U.S. cash withdrawals.
The Scotiabank Solutions format is the second of two new “innovative” branch formats the bank has launched recently. Two Scotiabank Express format branches were launched in June, one in Guelph and the other in Montreal, that offer clients access to the latest digital tools and self-service options for everyday banking transactions as well as the option of personal assistance from branch staff.
“It’s a very different banking experience, catered really to be partners with customers as opposed to customers being in the passenger seat,” Gomes says, “really demystifying banking and working side by side with customers to assist them in overall financial health.”
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