Scotiabank Adds Digital Enhancements to Mobile App

Stock Market

Bank of Nova Scotia (BNS), Canada’s third-largest bank, announced Thursday new improvements to its mobile app.

Shawn Rose, executive vice president and chief digital officer for Scotiabank, said, “Our customers have made one thing very clear – they want modern digital features that help them manage their personal finances more efficiently.

“With this new suite of digital enhancements, Scotiabank is improving the customer experience by making digital banking quicker and easier.”

The new features include the ability to connect directly with an advisor, credit score insights, an enhanced search function to make it easier to search for products and information, and conversational banking to accommodate hands-free banking. (See BNS stock charts on TipRanks)

Dan Rees, group head, Canadian Banking for Scotiabank, said, “Our customers’ banking needs are evolving, so our solutions need to evolve with them. These improvements are just one way in which Scotiabank is providing the tools and resources for our customers to connect with us and receive advice.”

In August, Scotiabank launched Scotia SelectPay, a new payment solution for that offers customers the ability to convert purchases made with their credit cards into smaller installment payments.

On August 24, Credit Suisse analyst Mike Rizvanovic maintained a Hold rating on BNS and lowered its price target to C$84 (from $C85). This implies 4.6% upside potential.

Rizvanovic stated, “Scotiabank’s PTPP miss was of particular concern, mostly for international banking, which we continue to view as key to a potential rerating of (its) valuation.”

The rest of the Street is cautiously optimistic on BNS with a Moderate Buy consensus rating based on five Buys and four Holds. The average BNS price target of C$87.44 implies 8.9% upside potential to current levels. Shares have gained nearly 20% year-to-date.

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