Scotiabank integrates with Nova Credit
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Nova Credit, a leading credit infrastructure and analytics company, offers Credit Passport® which allows newcomers – including permanent residents and foreign workers who have been in Canada less than 5 years – to use their international credit history from select countries to receive higher credit limits on Canadian credit cards. Scotiabank was the first Canadian bank to partner with Nova Credit in 2023 and is now the first to embed this capability directly into its digital credit card application process.
"Scotiabank is proud to be the first bank in Canada to fully integrate Nova Credit into a digital onboarding experience," said Kingsley Chak, Senior Vice President, Retail Client Value, Deposits and Investments at Scotiabank. "This advancement reflects our commitment to removing barriers and helping newcomers qualify for higher credit limits with greater ease and confidence."
As part of this enhanced experience, newcomers can open chequing, savings and credit card accounts online after they arrive, reducing the need for in-branch visits, making it faster and more convenient to access essential financial services from the comfort of home.
Newcomers are also able to access Scotiabank's StartRight™ Program, a comprehensive suite of banking products and benefits tailored to their unique needs, through the new digital onboarding flows. With benefits like no monthly account fees on a chequing account for the first year2 and no-fee international money transfers3, the program aims to help newcomers build a strong financial foundation from day one.
"We understand that building a new life in a new country comes with challenges," says Chak. "With the added enhancements of the Nova Credit integration and a new digital onboarding experience, Scotiabank is helping remove some of those hurdles, empowering newcomers to begin their financial journey in Canada with confidence."
"We're seeing tremendous momentum helping newcomers arrive and thrive in Canada," said Collin Galster, Chief Operating Officer at Nova Credit. "Our collaboration with Scotiabank shows that newcomers can be served at scale by integrating Credit Passport seamlessly into digital banking experiences. This removes a major barrier that has historically forced millions of newcomers to start over upon arrival, despite having established credit history in their home country."
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