Digital transformation is forcing banks to change their business models and adapt to the new market reality. The evolution of technology has led to customers demanding a faster and more efficient experience from banks.
To position itself for the future, Nedbank is focusing on digital technologies and internal optimisation, to transform and improve its juristic client experiences.
The banking group informed investors on Wednesday that the shift to digital continues to gain momentum.
The bank reported that digitally active clients rose by 16% to 1,85 million for the six months to end-June 2020, with 961 000 clients using the Money app (up 44% year-on-year).
The Money app enables new Nedbank’s clients to open transactional accounts without having to physically submit documents or visit a branch now even more relevant under COVID-19.
The banking group said its Money app had been downloaded 5,5 million times (including multiple devices), with more than 900 000 clients using it actively.
The Nedbank Private Wealth app, which offers integrated local and international banking capabilities, has been downloaded 20 779 times.
While Nedbank’s shopping app Avo has raked in 45 000 less than three months after going live. The Avo app gives the bank’s customers access to online shopping, essential services and financial products on a single platform.
Also read: Nedbank’s Shopping App Avo Attracts 45 000 Users
Nedbank also launched SA’s first tap-on-phone functionality, allowing all merchants and business owners to convert their cellphones into payment acceptance devices to meet the needs of customers who are increasingly looking for contactless ways to pay.
“This tap-on-phone functionality is a first for Africa, and Nedbank is currently the only bank to offer this capability,” explains the banking group.
The group also said its loyalty and rewards programme continued to gain traction.
To date. Nedbank said it has 800 000 Greenbacks members on the new platform and have so far acquired 172 000 new members in 2020. »
In Nedbank Africa Regions, the banking group launched a money transfer service (SendMoney) and a new personal online banking solution in Lesotho, Namibia and eSwatini. With SendMoney, clients using the Nedbank Money App (Africa), online banking and mobile banking can send cash to any local cellphone or account number.
“We anticipate a significant economic slowdown as a result of the COVID-19 pandemic, resulting in higher unemployment, with a rebound expected only from 2021,” Nedbank informed investors.
“The current shift to digital by businesses and consumers, including the sustained adoption of remote working and learning practices, is expected to continue.
“To support our clients in the envisaged ‘new normal’ we remain committed to delivering on our client-centred growth strategy and boldly executing our plans to deliver delightful client experiences through digital transformation using the five strategic levers of Digital First, First in Digital; Disruptive CVPs; Data-led Sales and Service Excellence; Loyalty and Rewards; and Data Analytics and Insights.”
Also read: Standard Bank’s Customers Slowly Embrace Digital Banking
