Scotiabank launches new innovation hub

"Digital Factory" will house user experience and data experts in downtown Toronto.

Scotiabank has created a new “Digital Factory,” a hub for “co-creation and incubation” that will work on design and digital innovations for the bank.

The goal is to help Scotiabank provide more seamless and personalized experiences to customers. It says that it’s already on a path to do this, such as with its three “Rapid Labs” innovation centres, which include business and tech teams working on improving customer experience. A new mortgage application process for customers came out of one of those labs and is currently being tested in select branches.

The new Digital Factory in downtown Toronto will be fully operational by mid-2016 and will include more than 350 jobs, such as user experience designers and data scientists, according to the bank, which acquired digital bank Tangerine (then ING Direct) in 2012.

“Through Scotiabank’s Digital Factory, we will hire in key areas to support customer-driven innovation and play a leading role in the revolution of banking,” Kyle McNamara, executive vice president and co-head of information technology, said in a press release.

“Technology’s role in delivering a superior customer experience will define banking for the next five to 10 years, and we have the opportunity to create an organization that will influence how that unfolds, right here and right now.”

Image courtesy of Shutterstock