Bank of Nova Scotia®
Overall Assessment
This is the first time I actually researched a bank in detail, I had only been on bank’s website a few times before this project, and I am really glad to have the opportunity to comprehend two big banks. The two banks I chose were RBC, Royal Bank of Canada and Scotiabank, Bank of Nova Scotia. The only difficult question I had was about the stock since it would change every second. The other hard thing to seek for was the other services. However there were easy things to find, such as the general information, which I founded in the corporate profile. The rests were all in the menu of the website. One thing I loved about the two banks was they all have well structured website and it was very organized and useful. Compare to the first bank I was about to research, BMO Bank of Montreal, it was really hard for me to get the counts and fees because it kept asking about my information, so they would select the best one. Yet, I want all the accounts which included the ones they were not offering me the part that I found interesting were the types of credit card and how many credit cards were under the same types. Surprisingly to see that note every card has a high interest rate, most of them are affordable and flexible, regardless of the time period or the tax involved. In addition, there were definitely rates of competitive; the top 5 banks were all using method to gain more customers that were willing to open an account. For example, RBC and Scotiabank both have credit card and accounts that were straightforward and low cost. As well as, they have cash back cards which would give percentage of eh amount that you swipe back; this was a really good way to benefit both the bank company and the customer itself. Furthermore, both of the banks offered U.S. accounts. This would increase the chance of having more customers willing to open an account, which was a great strategy. In Scotiabank, they were giving out huge number of points for a sign up of a credit card. On the other hand, RBC was promoting a visa gift card and it said that this card is best for holiday. Two month ago, RBC was also offering free mini iPads from opening a bank account. This is just another strategic way to gain more customer with nearly no cost, and confront with TD Bank, which they were offering Samsung tablets. Overall the two banks all have its unique style and they were earning a lot of profits.
Future and Past
In my opinion, the future of banking is headed more towards the e-commerce, which lesser people would actually go to banks to bank, instead customers would rely more on technology. In the technology era, customers were able to switch and be flexible with banks. Thus, data should mostly pass through online. The other thing was that right now people were developing the economy, so many banks opened. The other way to say was overbanking would lead to force to breakdown and be more complex. Fewer banks would profit from this. Demographic also played a big role in the future; since the country or region had the most population would benefit and might change the original structure of banking. As I mentioned above, technology occupied us too much. In addition, business cycle might collapse someday like the Great Depression and the Great Recession. When our parents were teenagers, the banks should operate something similar as now. It might not be globalized or that complicated, but it had things like mortgage, saving deposit, personal loans…etc… The only exception would be the situation is different, in the 80s to the 90s, people were in the mode of thrift and this is a big problem for the banks. Now our economy is good, there should be no worries about any failure.
