Best bank: Scotiabank
Scotiabank focussed on non-interest revenue growth, efficiency, lower structural costs and improved credit quality in 2025, which delivered the bank’s highest pre-tax income in 16 years, up 2.3% year-on-year at BSD78.3 million ($78.1 million).
The bank’s main launch in 2025 was its income-based lending programme for employees of government agencies. The product is designed to address debt burden and financial resilience rather than simply expand unsecured credit. Eligible customers are offered higher lending limits to consolidate external unsecured loans, longer repayment terms to make monthly payments more manageable, and lower interest rates to reduce the cost of borrowing.
The aim was to consolidate multiple obligations into one facility with a more sustainable repayment profile, thereby reducing the likelihood of default. As a customer-centred lending solution, the product responds to a defined segment with a practical financial health solution, while also supporting credit quality for the bank.
Scotiabank made good progress on digital migration in 2025. By the year end, 99% of transactions were conducted through electronic and digital channels, with less than 1% taking place in branches.
The bank also introduced several customer-facing digital improvements, including SMS one-time passcodes (OTPs) to replace email OTPs, instant deposit alerts, account nicknames, debit card lock/unlock functionality, and online credit card claims through online and mobile channels. These features improve security, transparency and convenience, while reducing the need for branch or call-centre contact. Branch NPS increased by 29.8 points in 2025, showing a clear customer experience impact.
Finally, Scotiabank’s broader social and customer agenda includes a strong financial literacy component. In 2025, the bank delivered financial literacy sessions to students across the islands through its sponsorship of Junior Junkanoo, with practical guidance on saving, budgeting and responsible spending. It also hosted digital literacy sessions for retirees, helping older customers safely navigate online banking and supporting inclusion as the bank’s digital channels become more central.
Scotiabank’s approach combines channel migration with customer support, giving different age groups the skills and confidence to manage their money safely.
