Scotiabank’s $15-billion tech spend is paying off

Bank of Nova Scotia’s $15 billion of technology spending over the past five years is paying off during the coronavirus pandemic.

The investment has allowed 60 per cent of Scotiabank’s roughly 100,000 employees to work from home, chief executive officer Brian Porter said Tuesday at the bank’s annual investors meeting. That mobilization, along with what Porter has called “great stability” in the lender’s operating systems, has let Scotiabank continue serving customers around the world through the disruptions.

“To date, tens of thousands of employees have been mobilized to work from home and provide seamless operations almost overnight,” Porter said.

Such capabilities have allowed the Toronto-based bank to reach people via their phones or at home quickly and easily, Porter said. “We are using our digital capabilities to rapidly develop solutions for our customers, particularly credit relief.”

Banks have been adjusting their operations for weeks amid coronavirus shutdowns around the world, expanding work-from-home policies, enforcing social distancing within offices, reducing branch hours and ramping up digital banking efforts.

For Scotiabank, whose operations span about 30 countries in regions, this is not business as usual.

“We have reconfigured work spaces including installing plexiglass screens at our branches,” Porter said. “We are regularly updating our employees with relevant communications on all aspects of COVID-19. We are also hosting employee calls with nurses and our chief medical officer, so they can have their questions addressed.”

The bank has offered additional paid leave, emergency paid leave and special payments to employees still working at branches or offices.