THE Bank of Nova Scotia Jamaica (Scotiabank) said Monday that the company is first to market with a new express banking facility to be located in foodshopping chain Megamart.

Scotiabank Express Kiosk opened in MegaMart, Waterloo Road, Kingston on Monday December 14. Others are to be rolled out across the Corporate Area.

Opening hours run from Monday to Saturday with times extended beyond normal banking cut-off points, the bank said in information provided through its communications department.

The MegaMart kiosk is a pilot. “At this point we are predominantly focused on Kingston. It is important to note that this is not agency banking, but rather Scotiabank Express, as, although we are located outside of the branch, it is Scotiabank staff who will be serving our customers using our existing technology. During the pilot period the majority of our locations will be opened in Kingston,” Senior Manager, Agency Banking Scotiabank English Caribbean Region Annelies Denny stated.

She said that the arrangement with MegaMart was “a symbiotic relationship. MegaMart has great foot traffic and a significant customer base that will be happy to see a Scotiabank Express Kiosk where they can conduct some of their simpler transactions. In addition, we are also confident that we will draw customers into MegaMart who want the convenience of using the Scotiabank Express Kiosk and who may then choose to meet some of their own shopping needs there”.

The service model, the bank states, is supposed to be a “a simple and consistent banking experience that offers the convenience of retail hours and locations where customers can conduct secure and real-time transactions”.

The target market is all customers who may not have the time to visit the branch during regular branch hours for very simple transactions such as deposits and withdrawals and may not be comfortable using the ATM for these types of transactions, Denny said.

Specific services offered are balance enquiries, withdrawals, deposits, payments (mortgage, credit card) within preset limits for existing Scotiabank customers and cheque cashing (of Scotiabank cheques).

Cash transaction limits are a maximum $50,000 while the cheque deposit limit is $250,000 maximum.

Scotiabank said that the service will offer “customers more touch points than ever before. We will be able to offer our customers what they have been asking for: a faster and more convenient place to conduct simple banking transactions with extended opening hours, alongside personal service. We are continually finding ways to satisfy our customers’ needs by utilising all of the channels and technology that are available to us”.

The location received regulatory approval before start-up. The investment cost was not shared.

Denny said that at this time the Scotiabank Express Kiosk is primarily for Scotiabank customers, unless someone wishes to make a deposit to a Scotiabank account or wishes to cash a Scotiabank cheque.