scotiabank invested in technology in the second quarter driven by project-related costs and software and license expenses.
The Canadian bank’s technology spending in the second quarter rose 13% year-over-year to $383 million, according to the bank’s quarterly earnings filing.
BECAUSE IT IS IMPORTANT: In the second quarter, the bank focused on client growth, deliberate capital allocation and operating efficiencies to increase profitability and reduce costs, the chief executive said. scott thomson he said today during the bank’s earnings call.
This is an ongoing effort since the first quarter when Thomson discussed efforts to reduce spending in non-critical areas while the bank monitored the macroeconomic environment.
BY THE NUMBERS: Scotiabank published in the second quarter:
- The number of digital users grew 6% year-on-year to 9.9 million; and
- The number of mobile users increased 11% year-on-year to 7.8 million.
REMARKABLE: In April, Scotiabank’s Head of the International Banking and Digital Transformation Group, Ignacio “Nacho” Deschamps, announced his retirement.
He “led the bank through a company-wide digital journey,” chief executive Thomson said in a statement.
The bank has appointed Francisco Aristeguieta as head of the international banking group, according to a bank statement. Aristeguieta’s appointment became effective on May 1 and he is responsible for driving customer acquisition in international markets.
FUTURE LOOK: The bank completed its national rollout of the Scene+ mobile app rewards program during the quarter, Thomson said, noting that there are plans to enhance the program this summer with the addition of home hardware.
“The Scene+ program is exceeding our expectations. Scene+ has over 13 million members and is climbing with Quebec driving a large part of that growth,” Thomson said.
Editor’s Note: All amounts have been converted to USD.