COMPANY PROFILE -The Bank of Nova Scotia
Business Sector :Banking
Operating Geography :Canada, North America, Global
About The Bank of Nova Scotia :
The Bank of Nova Scotia operating as Scotiabank is a Canadian multinational company. It is Canada’s international bank and a leading financial service provider in the Americas. The Company was founded in Halifax, Nova Scotia in 1832; Scotiabank moved its executive offices to Toronto, Ontario, in 1900. The bank has billed itself as “Canada’s most international bank” due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. The bank has its subsidiary with ScotiaMocatta, which is a member of the London Bullion Market Association and one of the five banks involved in gold fixing in London.
The bank serves over 25 million customers worldwide as of 2019 and provides a wide variety of advice, goods, and services including personal and commercial banking, wealth management and private banking, corporate and investment banking and capital markets. With over 89,000 staff and $1,185 billion assets as of October 31, 2021, Scotiabank trades on Toronto Stock Exchange and New York Stock Exchange.
The mission statement of Scotiabank reads “We are committed to being the institution of choice in the financial sector, providing superior products and services, and being a good corporate citizen to the benefit of our customers, shareholders, and staff.” The USP of the Bank of NovaScotia is being the third largest bank in Canada by deposits and market capitalization and a leading financial services provider in the Americas.
The Bank of Nova Scotia Revenue :
$31.25 billion – FY ended 31st October, 2021
Competitive Analysis of The Bank of Nova Scotia
The SWOT analysis of The Bank of Nova Scotia is presented below:
| Strengths | Weaknesses |
1. Strong Distribution Network and Reach
2. Scotiabank is Canada’s International Bank and a leading financial services provider in the Americas
3. Achieve scale and strengthen presence in key markets via strategic acquisitions
4. Leveraging automation across different processes
5. Increased skills and leadership capabilities in core areas
6. Attractive balance sheet and shareholder returns | 1. BNS has lagged some of its Canadian peers on the wealth management front
2. High Attrition Rate in Workforce
|
| Opportunities | Threats |
1. Embracing advanced technologies to provide improved banking experience
2. Positive effect of 2019-2020 Budget and Tax policy on Nova Scotia Bank
3. Growth of E-Commerce industry in banking sector
4. Establish strong foothold in premium growth markets in the Pacific Alliance belt
5. Demand for Green Financing in Canada
| 1. Information Technology and Cyber security Risk
2. United Kingdom and European Regulatory Reform
3. Increasing inflation rate
|
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Detailed SWOT Analysis of The Bank of Nova Scotia
Strength
1. Strong distribution network and reach: A strong distribution network coupled with a large number of outlets – 2500+ branches and offices; and around 4000 banking machines – scattered across all states has made the bank’s products easily available to customers. International and Global financial services are provided within 55 countries globally. Latin America as well as Pacific Alliance countries of Peru, Chile, Mexico, Colombia and the Caribbean and Central America receive International Banking services, whereas Canada and Mexico, U.S., Latin America (excluding Mexico), and select markets in Europe, Asia, and Australia are provided with Global banking services. The bank is able to rise above its competitors through its marked international footprint that allows the bank to gain greater potential, growth and even a larger diversification of earnings and risk.
2. Scotiabank is Canada’s International Bank and a leading financial services provider in the Americas: The bank’s consulting, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets combine together to provide services to over 25 million customers. The bank in Latin America and the United States, has a strong wholesale presence that enables it to provide corporate and institutional customers connected to the Americas with better banking solutions and expertise. The bank aims at working towards the greater development of the Latin America and the U.S. markets as these constitute important markets for the Company. The bank is currently the 10th largest foreign banking organization by investments in the U.S.
The remaining section of "Strength" is available only in the 'Complete Report' on purchase.
Weakness
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Opportunity
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Threat
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The PESTLE/PESTEL analysis of The Bank of Nova Scotia is presented below:
| Political | Economical |
1. Increased US protectionism and US China Trade War
2. U.K and Europe regulatory reform’s impact on bank’s cost of funding | 1. Discouraged lending power of customers due to increasing inflation |
| Social | Technological |
| 1. Greater consumerism resulted in large appetite for consumer loans | 1. Technology innovation and disruption
2. Technology’s impact on product offerings
3. Biometric authentication and artificial intelligence paving the way for the future |
| Legal | Environmental |
1. Customer data protection issues
2. Regulatory initiatives impacting financial services in Canada
| 1. Supporting the transition to a low-carbon economy
2. Making eco-friendly vehicles more accessible for customers in Mexico
3. Helping create a new generation of renewable energy workers
|
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Detailed Pestle Analysis of The Bank of Nova Scotia
Political
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Economic
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Social
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Technological
1. Technology innovation and disruption: The financial services industry and its customers are affected by the rapidly changing technological scene. Traditional financial institutions are finding the entry of non-traditional new participants to be a significant threat. This is because they are able to make use of advanced technologies and analytical tools to innovate at an accelerating speed which has the potential to impact revenues and cost in certain operational segments. Scotiabank has thus set up a multi-year digital transformation that has been formulated to be in line with the demands, needs and expectations of customers. It will also assist the bank in assuming a leadership position in the digital financial services industry. Toronto as well as other key markets like Mexico, Peru, Chile, and Colombia have already seen the opening of digital factories which are involved in financial innovation through partnerships with smaller financial technology companies. Skills training and education through various digital partnerships with Canadian universities and other organizations have also been made a point of focus with significant finances being set aside for its fulfillment.
The remaining section of "Technology" is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
On purchase the The Bank of Nova Scotia SWOT & PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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References used in The Bank of Nova Scotia SWOT & PESTLE Analysis Report
1. The Bank of Nova Scotia annual report 2021: https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2021/q4/Annual_Report_2021.pdf
2. The Bank of Nova Scotia annual report 2020: https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2020/q4/BNS_Annual_Report_2020.pdf
3. The Bank of Nova Scotia website - https://www.scotiabank.com/corporate/en/home/corporate-responsibility/strategy/climate-change.html
4. Scotiabank opens digital factory in Toronto - https://www.finextra.com/newsarticle/30047/scotiabank-opens-digital-factory-in-toronto
5. Scotiabank Code of Conduct - http://www.scotiabank.com/content/dam/scotiabank/canada/common/documents/Code_of_Conduct_EN.pdf
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