Digital Banking: Why Are Banks Creating Digital Factories?

One of the largest banks in Canada, The Bank of Nova Scotia or Scotiabank recently announced the development of a new Digital Factory that will pursue, design and deliver digital innovations and solutions for the Bank's customers.

As technology plays an increasingly important role in the rise of digital banking, he definition of a Digital Factory will also keep changing as the industry evolves and advances. Scotiabank's Digital Factory will create a new epicenter where top technology minds from around the world will come together to deliver reimagined customer experiences in financial services. This Digital Factory will in fact serve as an innovation hub for banks to collaborate with FinTech startups.

We focus here on why banks and various financial institutions are pursuing this concept. Not everyone may call it a Digital Factory; some banks call it a studio or so ...

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