The Empire State really wants to be in charge of the #fintech sandbox—and it wants the OCC out already. In his recent 2017 budget proposal, Governor Andrew Cuomo outlined a few changes that might be in store for New #York State fintechs, particularly online lenders. These changes include expanding theRead More
Bank Innovation
Venture capitalists were not buying it last year. Venture capital-backed #fintech companies in the U.S. saw a drop in both deals and #funding volume last year. Fintechs raised $ 5.5 billion across 422 deals, compared to $ 7.7 billion (and 459 deals) in 2015 – a 29% drop, according to the Global FintechRead More
Bank Innovation
This bank created an #innovation lab, and that bank is launching a #fintech team. But this other bank just started a #blockchain focus group, and everyone else is investing in tech. Gone are the days when #banks could afford to be “conservative” with new product launches and tech projects, whichRead More
Bank Innovation
In this episode of #Breaking #Banks, host Brett King explores the growing landscape of Chinese and Indian #fintech–in between keynoting at the #2017 NextMoney Fintech #Finals in Hong Kong. Here, King and guests&8211;which include Ghela Boskovich, Jessica Ellerm, Liam Gilligan, Amit Goel, Matt Dooley, and Steve Breen&8211;delve into the hugeRead More
Bank Innovation
What Amazon did with “Just Walk Out” stores was cool. Snap’s Spectacles – also interesting. Some may argue that Pokemon Go had a good run too. Those innovations may seem cool to the wider public, but we – the #fintech-obsessed – dig deeper to uncover the underlying coolness within mainstreamRead More
Bank Innovation
#Banks have been fairly active in tapping into new technologies recently, either through partnerships or with internal innovation groups. But with the rapid acceleration of the #fintech space, how should banks decide if a new space or #tech is worth pursuing? An old-school #cost #analysis will do, according to MichaelRead More
Bank Innovation
INV #Fintech, the sister accelerator to this site, is pleased to announce its inaugural episode of INV Unfiltered — a new #monthly #podcast series, which will cover current trends and intriguing topics in financial #technology and beyond. The accelerator, in its continued effort to help fintech startups strive for greatness, will focus theRead More
Bank Innovation
Regulators are waking up to the potential of #blockchain, just in time for the rise of #smart #contracts. #Tramonex, a London-based #fintech, has announced today that it has been granted a registration as a Small Electronic #Money Institution with the Bank of England Financial Services Register, or FCA. The companyRead More
Bank Innovation
Should banking #expect the end of Dodd-Frank? Maybe, but probably later rather than sooner. President Trump’s stance on financial regulation has been clear from the campaign trail. Though the President has expressed a wish for the overhaul or even the removal of regulation—promising to cut 75% of the existing ones—whenRead More
Bank Innovation
You may have seen the buzz last week about Scotiabank’s newest workspace in Toronto – our Digital Factory, home to some of Canada’s top #technology and creative talent. Many stories focused on the impressive working space that is becoming the Bank’s Canadian digital headquarters. But there is more to the story as #Scotiabank continues its journey to digitize banking for its 23 million customers around the world. Here are five little known facts about Scotiabank’s #Digital Factory:
1. It’s not *quite* as new as you think. While the space opened in Toronto in January, the team has been hard at work since October 2015 when the Digital Factory was first created. Since then, teams launched formative projects such as our new digital banking app that allows customer to apply for a chequing or savings account within minutes; a partnership with global fintech player Kabbage to re-invent small business lending – shifting processing time for entrepreneurs to get approved on a loan from weeks to mere minutes. When at its full size, the Scotiabank’s flagship Digital Factory in Toronto will house more than 350 of Canada’s top technology talent under one enterprise-wide mission: to help Scotiabank provide a seamless, personalized experience to its customers, so they can be served how, when and where they want.
2. It transcends global borders. The Digital Factory in Toronto is Scotiabank’s first fully-dedicated physical location for digital talent to work together under one roof, but this movement is actually happening around the world. We have opened Digital Factories in Mexico, Chile, Colombia and Peru, and each Digital Factory will be led by one of five Digital Banking leaders responsible for driving our digital strategy in the diverse markets we serve as Canada’s most international bank: Jeff Marshall (Canada), Fuencis Gomez (Mexico), Luis Torres (Peru), Daniel Kennedy (Chile), and Marcelino Herrera Vegas (Colombia).
3. We’re aligning ourselves with the right partners. We have collaborated with organizations in the design, technology and #FinTech communities to explore unique opportunities and to change the way people feel about the future of banking. That’s why Scotiabank is partnering with a number of leading technology groups such as Georgian Partners, QED Investors, and Kabbage, and academic institutions including OCAD U, Ivey Business School, MaRS, Queen’s University, Rotman School of Management, Ladies Learning Code and more.
4. The Digital Factory Space has been designed to maximize collaboration. The space is a techie haven, completely outfitted with everything you’d need from an inspiring workspace. It’s a space that has been thought out; a technology-forward design enabling scrum teams across the bank’s footprint to work together. In fact, all resident desks are sit-stand, and monitors include single connection for PC, Mac, and double monitor. We also recognize the need for balance. There’s a cafeteria onsite that serves many healthy food options, a gym with instructor-led classes and a health consultant onsite. There’s various team building zones in the facility including a games tables and even a bowling alley!
5. You do not require banking experience to work here. The Digital Factory is currently recruiting for dozens of roles – product managers, front and back end developers, designers, agile scrum masters and many more. In fact, we are looking for people with non-traditional backgrounds to continue to build a diverse and strong team as possible.
About the Digital Factory:
The Digital Factory is a hub for creation and incubation of new and partner-led ideas to deliver game-changing solutions for Scotiabank customers. The Digital Factories are a cornerstone of Scotiabank’s digital transformation, and are focused on reinventing how banking serves people by first reinventing the way we work.
[linkedinbadge URL=”https://www.linkedin.com/in/natalie-hickes-3765235″ connections=”off” mode=”icon” liname=”Natalie Hickes”] is Recruitment Lead at Digital Factory
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