2024 best bank in Canada revealed

Global Finance honors Scotiabank for innovation, trust, and strategic growth

2024 best bank in Canada revealed

Scotiabank has been acclaimed as the 2024 Best Bank in Canada by Global Finance magazine, a recognition that celebrates financial institutions for their comprehensive service range, enduring reliability, and technological innovation.

The award brought to light several significant achievements of Scotiabank, including the launch of a new enterprise strategy.

This strategy is designed to position Scotiabank as the most trusted financial partner for its clients, aiming for sustainable, profitable growth across four strategic pillars: enhancing presence in priority markets, securing primary client relationships, streamlining business processes for ease of doing business, and promoting unity within the team.

Additionally, Scotiabank has taken steps to strengthen its balance sheet in anticipation of future growth, such as augmenting capital levels, refining its funding profile, and increasing deposits.

A noteworthy initiative is the expansion of the Scene+ program, particularly with the inclusion of Home Hardware, one of Canada's leading home retailers.

This move is part of Scotiabank's effort to grow its primary client base through Scene+, which boasts over 15 million members and aims to be one of the largest and most adaptable loyalty programs in Canada.

Scotiabank's commitment to environmental, social, and governance (ESG) initiatives has also been evident. The bank has made substantial progress towards its $350bn climate-related finance target by 2030, with $132bn allocated since November 1, 2018.

Moreover, its investment in the $500m ScotiaRISE program is designed to build economic resilience, alongside recognition for its leadership in corporate governance.

The introduction of Scotia Smart Investor, an online and mobile platform, represents another step forward. This platform empowers Scotiabank clients to take control of their investment strategies by offering a mix of AI-powered recommendations and personalized advice.

Available both in branches and virtually, Scotia Smart Investor aims to match investment solutions to clients' financial goals, demonstrating Scotiabank's innovative approach to banking services.

Scott Thomson, the president, and chief executive officer of Scotiabank, welcomed the accolade, attributing it to the bank's strategic initiatives in 2023 aimed at fostering profitable, sustainable growth.

Thomson highlighted the achievement as a reflection of Scotiabank's success in implementing its key strategies and its continuous effort to enhance client trust and focus, extending his congratulations to the Scotiabank team for this accomplishment.