Wednesday 25 May 2022

Scotiabank becomes the Costa Rica’s first private bank to be cash-free

Digitizing all internal transactions allowed it to get recognized

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25 May 2022 - At The Banks - BCCR

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QCOSTARICA – Scotiabank Costa Rica was certified as a Cash Free Entity and with this, it became the first private bank to obtain this distinction from the Banco Central (Central Bank).

Payment to suppliers, payroll, taxes and public services are procedures that Scotiabank facilitated and adapted to digital media, according to Diego Masola, General Manager of Scotiabank in Costa Rica.

Payment to suppliers, payroll, taxes, and public services are procedures that Scotiabank facilitated and adapted to digital media, in order to obtain the Programa L (Entidad Libre de Efectivo) – L Program (Cash Free Entity) – certification.

Being a digital leader in the global market and benefiting its customers is Scotiabank’s main strategy, which is why it has invested in new digital services that allow it to do banking operations quickly and safely.

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The service experience and the impact of the processes, motivated the company to take actions to optimize its operation.

“We want our customers to find it easier to do business with the bank,” said Diego Masola, SVP & Country Head for Scotiabank in Costa Rica – Central America Region Head.

More than 80% of Scotiabank customer transactions are made through an alternate channel to the branch.

Additionally, the company’s use of digital channels increased 25% during the first half of this year.

“We are aware that the transformation must start at home, that is why the Central Bank certification is so important. This is a fundamental step in continuing to develop a digital culture at Scotiabank,” Masola said.

The L program encourages electronic means to carry out collection and payment transactions, with the objective of reducing costs and risks associated with cash handling.
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