Meridian Awards 2012

COMPANY PROFILE

About Scotiabank

From personal and business banking, brokerage, and insurance, to private wealth, and the most sophisticated commercial, corporate and institutional services, we serve the diverse needs of over 19 million customers in more than 55 countries.

Founded in 1832 in Halifax, Nova Scotia, our growth has always been fuelled by the success of our customers and our longevity secured by an unshakable commitment to carefully and expertly managing risk and capital.

That focus on doing what's right for customers—short- and long-term—has made us a global financial services leader

Headquartered in Canada, we are over 75,000 Scotiabankers strong. Each of us are committed to being the best at understanding our customers' needs and all of us working together to deliver practical advice and relevant solutions that help our customers become financially better off.

INTRODUCTION / EXECUTIVE SUMMARY

Scotiabank used to work along with a well known computer brand for the generation and production of their bank statements. Once the information was generated, Scotiabank had to create a service order for the supplier company to print the statements. Then Scotiabank had to create an additional .PDF version that would make the bank statements available for the clients; obviously, this process had an extra cost.

So, as this process was taking a lot of time, efforts and money, Scotiabank was looking for a new way to generate these bank statements. Not only to reduce time and  costs, but also to fulfill a new regulation from CONDUSEF (a national government organization that protects and defends the financial services users), that required some graphs on the bank statements. Also, by oficial disposition, all the Banks had to be generating bank statements as electronic invoices.

BUSINESS CHALLENGE

Scotiabank’s objetive was to have the bank statement generation process independent from the other company, as it could not achieve the new regulation standards, and fulfill national government organization’s regulation (graphs).

SOLUTION DESCRIPTION

Linko, the company specialized in generating Xperiences, offered Scotiabank a solution that would include the needed graphs on the bank statements, and cover the need of the digital invoicing regulation from the mexican IRS (SAT).

The solution has been applied by gathering, first, all the information for the bank statements without the digital invoincing. With Doc1 Generator and Content Author, the layout for the template is designed and completed with the necessary data for the digital invoicing. Then the extraction and manipulation of the data is done, as well as the incorporation of the digital invoicing, using an authorized services’ tool by SAT. A copy is sent to the SAT, and another one is saved in a Hardware Security Model card. At that point, the document with the new information is generated, produced and segmentated. One copy goes to print with the native printer extension, so there are no problems with the format; another one is saved in. PDF and .XML to automate the storage on a secure device (E2Vault), and the distribution of the bank statements to the clients (E-messaging).

RESULTS ACHIEVED

Scotiabank currently processes around 3.8 million of bank statements on a monthly basis. This represents almost 15 million of pages per month with an average of 4 pages per bank statement.

So, in the end, this solution ended being 7 solutions:

1. Since 2011, Scotiabank has been the only bank in the world that can provide an immediate digital invoice, due to its live interaction with the National Financial System.
2. The incorporation of the digital invoice to the bank statement (with this, clients can deduce taxes generated from comissions and other charges from the bank).
3. Documents printed and storaged in a secure device (E2vault) to make the documents available when needed for the client (E2vault locates the files and convert them to .PDF).
4. Extra costs reduced. Independence to create their own versions of the bank statements.
5. Automatization of distribution of the bank statements to the final client.
6. Design flexibility on the template to include other promotions, including the graphs stipulated by the CONDUSEF.
7. Nowadays, all of their 39 products are being generated with this platform.