The face of digital banking is changing, thanks to an increase in user confidence brought about by world class security. Nedbank successfully launched its digital banking offering to the market last year.
The Nedbank App Suite, MyFinancialLife and Approve-IT include a number of South African and world firsts, making it safe and easy for consumers to bank anytime, anywhere from a Blackberry, Apple or Android device. By the end of 2012 users with a range of Nokia handsets were able to experience the benefits of the Nedbank App Suite.
Since its launch in July 2012, the Nedbank App Suite has proven popular among consumers with more than 115 000 downloads of the app so far.
Managing executive of Client Engagement, Anton de Wet, attributes the popularity of the Nedbank App Suite to its simplicity, cost effectiveness, wide range functionality, convenience and security.
“In an environment where time is money and security is vital the Nedbank App Suite is providing a valuable service to our clients. Through the Nedbank App Suite your bank is available anytime, anywhere. It has world class security features, provides a distinctive user experience and offers great value banking for our clients,” says De Wet.
Nedbank has reached a number of milestones in a few short months exceeding R1-billion in transactional value being processed via the app with no incidents of fraud. This is a significant achievement in the current area of online fraud.
The Nedbank App Suite is the only banking app in South Africa to leverages Ecert technology. The App Suite activation process links a physical device to banking credentials. This means that even if a SIM swap occurs at no point is the App Suite compromised.
The registered devices are the only authorised devices able to access the banking capability on the App and can do so over any data connection without the reliance of a SIM card.
Retail banking transaction values conducted through the app have grown by 200% month-on-month with volumes increasing over 140% month-on-month. The increase in transaction value and volume indicates a growing confidence in the digital channel and points to a shift in banking behaviour, as clients enjoy the benefits of convenient, secure banking on-the-move.
“The increasing value of transactions carried out by Retail and Business Banking clients demonstrates a growing confidence in Nedbank’s digital security. The largest single payment made via the Nedbank App Suite by an individual is R1,6-million with a Business Banking payment of R140-million being successfully concluded.”
The Nedbank App Suite is also the first banking app to offer online share trading in South Africa and a similar level of confidence is demonstrated by Nedbank Private Wealth users of the app with a single transaction to the value of R1,5-million being executed.
“The Nedbank App has been very well received by our client base, and we look forward to rolling out further enhancement during the course of the year,” adds Donald Rogan, MD, Nedgroup Private Wealth Stockbroking.
Nedbank’s online personal financial management tool, MyFinancialLife, launched in September 2012, continues to gain momentum with over 10 000 registered users aggregating over 50 000 accounts whose assets and liabilities equate to over R16-billion in its first three months.
De Wet explains that the launch of MyFinancialLife, illustrates Nedbank’s ongoing commitment to more easily enable the South African population in building financial fitness and instilling a savings culture.
He adds that the growing uptake of MyFinancialLife from Nedbank and non Nedbank clients, indicates the growing shift in many people who recognise the importance of building financial fitness.
“Through engaging with our clients, we have come to understand that consumers are looking for easy and convenient ways to manage their finances. There is no better time than starting a New Year being empowered to build your financial fitness.
“MyFinancialLife provides consumers with a single consolidated view of their financial standing, making it easier for them to make the necessary changes.  It is easily accessible, secure and designed to empower consumers to manage their spend through sound planning and budgeting, enabling them to save for their short and long term goals,” concludes De Wet.