Global Finance has recognized Scotiabank as the best foreign exchange provider in Canada. The award is given to banks that have demonstrated a commitment to FX – even in challenging market conditions – that are expanding their digital tools to help clients execute their trading strategies and achieve price discovery with ease.
Their decision is based on a range of categories, including measurable factors like transaction volume, market share, competitive pricing and global coverage. To round out the analysis, the magazine also collects information directly from those using the platform, including industry analysts, surveys, corporate executives, consultants and technology experts.
“This award calls attention to financial institutions that are providing superior customer service and technology innovations,” noted William Kellett, Managing Director, Foreign Exchange. “Because the award factors in direct feedback from our clients, we see this as an endorsement of effort we’ve made to improve our electronic trading platform and client support teams over the past five years.”
In describing the award, the magazine says that 2021 winners are using digital innovation to deliver on client needs for better analytics and integration, as well as the ability to leverage automation, data and artificial intelligence.
To stay competitive in the rapidly evolving FX market, Scotiabank’s clients are looking for more sophisticated requirements, such as increasing automation. ScotiaRED, the bank’s new electronic multi-asset product suite, provides bespoke solutions for their more complex needs paired with cutting-edge automation for basic processes.
“With ScotiaRED, our clients gain next-generation functionality, a streamlined user experience and advanced tools for clients to quote, book and settle their foreign exchange transactions,” said Brian Manson, Managing Director and Global Head, Commodity Derivatives and G10 Foreign Exchange.
Being able to capitalize on both ends of the customization-automation range makes it easier for Scotiabank clients to grow their businesses. Furthermore, clients and their needs are global – and after making strong technological and staffing gains globally, especially in the United States and Latin America, so is Scotiabank.
It’s Scotiabank’s clients who win
Scotiabank clients range from institutional, corporate, commercial and retail. While their needs are diverse, they share many things in common: They all depend on responsive, efficient and dynamic foreign exchange solutions. “Our role is to help our clients execute more easily,” said Kellett. “Providing access to real-time foreign exchange, no matter the time of day, and wherever they are in the world is one way in which we do that.”
Another strategy includes institutionalizing multiple touchpoints across the bank. Scotiabank ensures that its clients can access the full suite of capabilities offered by the whole bank. Having better alignment with other divisions has helped grow interest in Scotiabank’s entire offering as well as its foreign exchange capabilities, from commodities to fixed income and everything in between.
As the top FX provider in Canada, Scotiabank will continue to innovate and find ways to enhance its services even more. “We will continue to invest in leading-edge technology,” noted Manson. “Our clients can expect to soon receive more innovative upgrades across our foreign exchange distribution channels to meet their changing needs.”
To learn more about Global Finance’s foreign exchange provider awards, read the announcement here.
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