Nedbank’s App Suite six months on

·23 Jan 2013

Nedbank says that its App Suite has achieved 115,000 downloads since its launch in July 2012.

The app is available for Blackberry, Apple or Android devices, as well as users with a range of Nokia handsets.

Anton de Wet, managing executive of client engagement at Nedbank said: “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.”

Retail banking transaction values conducted through the app have grown by 200% month-on-month with volumes increasing over 140% month-on-month, Nedbank said.

The group added that 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,” de Wet said.

Nedbank’s online personal financial management tool, MyFinancialLife, launched in September 2012, has also attracted 10,000 registered users, aggregating over 50,000 accounts whose assets and liabilities equate to over R16 billion in its first three months, Nedbank said.

Banks compared

In October 2012, Standard Bank said its mobile banking application had achieved 160,000 downloads since its launch four months previously.

This activity, the bank said, translated into R1.3 billion transactions through this channel since it launched on 27 June 2012.

In the same month, First National Bank (FNB) celebrated its 300,000th banking app client, having launched in July 2011. The bank said at the time that it was adding more than 30,000 new customers to the channel per month.

Absa, meanwhile, is expected to launch its first banking application soon. The banking application is currently being tested by about 100 staff before its launch in the first quarter of this year‚ said Adrian Vermooten‚ head of digital banking at Absa.