Nedbank has refreshed its rewards scheme

Nedbank has launched Greenbacks Money Management programme – a behavioural change tool that it says will incentivise and reward good money choices.

No longer just a swipe-for-points programme, Nedbank said that the new and enhanced Greenbacks is a money management programme designed to assist and motivate clients to make better money choices that resolve the core financial challenges that individual consumers face.

As the cost of living rises, South Africans are spending less on savings, insurance and the servicing of debt, the lender said, citing the 2018 FinScope SA Fact Sheet, which found that as many as 75% of consumers rely on loyalty and rewards programmes to help them make ends meet.

“Many people find it difficult to manage money. Few have a clear idea of the future impact on their lives, because of money choices made today. We believe that our new Greenbacks Money Management programme will make it easier for people to make better money choices,” said Nedbank retail and business chief client officer, Anton de Wet.

The programme is made up of different packages. “Through encouragement, incentives, nudges and rewards, new Greenbacks is set to change and teach better money management behaviour,” it said.

Greenbacks members who stay on track with the changed behaviour of each of the packages they opt in to will qualify to move up to the next level in the programme where they will gain access to further rewards, the bank said.

The new money management programme is built on behavioural science that has been used to design around key client behavioural outcomes. “Using the key client behavioural outcomes as the core driver for the design of the programme has led to the development of Greenbacks packages that are geared towards meeting 4 core financial needs – transacting, saving, borrowing and insuring,” Nedbank said.

Nedbank said that its Digital First strategy recognises that consumers are fast adopting mobile and digital technology as a means to improve their lives. “Members can find everything rewards-related on the new Greenbacks app,” Bhana said, adding that all clients’ financial engagements will still be managed through the Nedbank Money app.

Read: The best and worst banking rewards in South Africa: eBucks vs uCount vs Greenbacks vs Absa Rewards

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Nedbank has refreshed its rewards scheme