Nedbank’s R1.6 billion next-gen investment
Nedbank says it will invest over R1.6 billion to roll out its “Branch of the Future” format across its network, ideally reaching 75% of its clients within three years.
The group opened its flagship “next generation” store at the Nicolway Shopping Centre in Johannesburg in June last year, extending its branch network to 467 across South Africa.
The “future” concept includes a queuing system to cut queuing time, while each consultant at the branch offers a range of services to help reduce the overall time customers would need to spend inside the branch.
It also boasts an Intelligent Depositor ATM, providing for real-time deposits even after traditional banking hours, along with free WiFi.
Nedbank said its R1.3 billion investment in the retail network has increased branches by 40% and ATMs by 70% in four years.
In interim results announced in August, the bank said that since 2010, it had invested R521 million in 224 new outlets, along with 142 closures, and 37 refurbishments. The group also installed 1,248 new ATMs, but saw 249 closures.
Looking ahead to 2014, the bank aims to spend R400 million on 340 new outlets, and 1,000 new ATMs.
Digital offerings
Nedbank Banking App Suite, which was launched in 2012, has registered nearly 250,000 customer downloads with over R18 billion worth of transactions processed.
Having launched its online personal financial management tool – My Financial Life – in the second half of 2012, Nedbank said that 90,000 accounts and R19 billion worth of balances have been viewed.
The bank also pointed to its Apply Online channel for home loans, which contributes 10% of intake. It said that its on-line channel has processed over 10,000 applications, granted loans worth R1.5 billion, registered 1,548 properties and reduced 300,000 pages of paper by going digital.
Ingrid Johnson, group managing executive, retail and business banking, said: “Through the combination of these efforts our brand is increasingly resonating with our target markets, which in turn is increasing client loyalty and the depth of their banking relationships with Nedbank.”
“From no presence on social media in 2011, Nedbank is now also actively dialoguing with our clients, and this is reflecting in very positive sentiment towards our brand. A recent external comprehensive brand survey valued the Nedbank brand at R11 billion, a 20% increase over the year.”
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