Scotiabank Bahamas has launched a “cashless” branch pilot initiative at four of its New Providence locations as its digital drive gathers pace.

Roger Archer, the institution’s managing director, said its Nassau main (Rawson Square), Palmdale, Paradise Island and Wulff & Jerome Road branches will now only process non-cash transactions.

The move represents the continuation of Scotiabank’s strategy to ensure all customers can access and benefit from both its electronic and digital channels across the Caribbean.

“Our goal is to provide safer, faster and more convenient options for our customers,” Mr Archer said in a statement. “Banking at our self-service channels is cheaper, and comes at a lower cost to both the customer and the bank.

“The launch of our cashless branches represents a significant step in getting customers comfortable with our convenience channels,” he added. At the branches selected for the pilot, all cash and cheque transactions will be routed to the automated teller machine (ATM) or the nearest branch(es).

Mr Archer added that the move comes as Scotiabank (Bahamas) continues to adjust to the new reality created by the COVID-19 health crisis.

Low or no-contact transaction platforms, he said, will be critical to helping the bank maintain operational efficiency through the pandemic while providing greater convenience, at lower cost and in a safe way.

“We have invested - and will continue to invest - in new ATMs over the next year. We have also made significant upgrades to our mobile banking app and will continue to add further functionality in the upcoming months,” Mr Archer added.

Scotiabank recently began the commissioning of several Intelligent Deposit Machines (IDMs), which offer higher functionality and are enabled for immediate credit when cash is deposited. It has currently introduced IDMs at its Paradise Island and Freeport locations.

Mr Archer again urged Scotiabank customers to sign up for online banking by visiting its website or via the contact centre at (242) 356-1697.

For customers already using the service, he recommended the use of Scotia Alerts to monitor transactions and notifications in real-time to detect any unauthorised transactions.