The Bank of Nova Scotia has won a prestigious technology of the year award according to results published in the June edition of the Britain-based financial services industry publication The Banker.

Scotiabank won the award for “Return on Investment of the Year” for its implementation of cost-saving computer application management technology, developed by the bank’s information technology unit, Scotia intek.

“The judges were hugely impressed not only by the planned return on investment, but by the achievement of returns over and above those set out,” saysd Dan Barnes, technology editor, The Banker. “In reducing the total cost of ownership while improving and strengthening the business, Scotiabank have achieved ‘more with less,’ a mantra amongst chief information officers.”

“We’re honoured to be recognized internationally for our efforts in bringing new, effective and cost efficient technologies to Scotiabank,” adds Kim McKenzie, executive vice president, Scotia intek, Scotiabank. “Improving technology to better serve customers and employees remains a constant focus for the bank.”

Scotiabank’s implementation of a ‘thin client’ technology provided the bank with the ability to significantly improve client serviceability, system accessibility, environment reliability and overall efficiency on costs, processes and change management. Through the implementation, the bank was able to extend the life of thousands of desktops and significantly improve environment performance.

“Being innovative and forward-thinking is a competitive advantage that has allowed us to realize new efficiencies in our operations,” says J.P. Savage, senior vice president and chief technology officer, Scotia intek, Scotiabank. “We’re pleased to be recognized as a leader in this area, which further reinforces our commitment to developing advanced solutions to meet today’s technology challenges.”

Criteria for the awards is determined by the publication’s judging panel which compare all entries and use their knowledge of the industry to establish level of innovation, measures of success and the scale of the challenge. Scotiabank will be formally awarded during The Banker 2006 Technology Awards gala Thursday in London, England.