Nedbank says it plans to expand its locker collection points as clients look for more convenience and self-service options.
First introduced in late 2019, Nedbank developed the lockers as a solution to the challenges associated with card deliveries, particularly the inconvenience clients faced when having to ensure they were available for courier deliveries.
The secure contactless card collection services also proved invaluable during Covid-19 lockdowns with its associated delivery restrictions and social distancing requirements. Between January and the end of May this year, Nedbank delivered 92,060 card parcels via its locker facilities.
“While safety was the primary concern during Covid-19, today our clients simply appreciate the convenience our lockers provide them, especially in terms of allowing them to use a secure PIN to enable contactless card collection at any time that suits them,” said Dayalan Govender, managing executive of solution innovation.
Govender said that the steady increase in usage of the lockers is also due to Nedbank’s ongoing investment into expanding its network of the collection points nationally. The bank now has lockers available in 119 Nedbank sites across the country, with plans to add a further 84 locations in 2022.
Nedbank says it also plans to expand its in-branch self-service kiosks as part of its ongoing branch revitalisation programme.
Replacement card collections are still one of the main reasons why our clients visit a branch, so we’re making that process easier for them with these cutting-edge self-service kiosks that can instantly issue replacement Nedbank cards,” Govender said.
There are currently 107 of these self-service kiosks in Nedbank branches and they dispensed over 10 500 replacement cards between January and May this year. The uptake of this service is encouraging and Nedbank plans to continue further roll out these self-service kiosks to its entire branch network, with an additional 206 planned for 2022, he said.
The stellar growth in popularity of these self-service card issuance and collection services has prompted Nedbank to fast-track its development of additional self-service offerings for clients. These include the option to use a self-service device in a Nedbank branch to open an account and instantly receive a bank card linked to it.
This account opening functionality is already enabled at 11 branches with a further roll-out planned for the second half of the year.
Nedbank is also piloting locker collections for other items like NATIS documents for clients who have settled their vehicle finance agreements. And plans are also underway to issue Greenbacks Rewards to clients who make use of lockers and self-service kiosks.
“As digitisation grows, consumers expect to have the option to bank in whatever way best meets their needs, and the Nedbank lockers and self-service kiosks are just some of the ways that we are responding to these expectations, by offering banking services and solutions that fit seamlessly into the changing lives of our clients,” Govender said.
Future of payments
Speaking to Michael Avery at the BusinessTech Online FinTech Conference 2022, Nedbank emerging innovation and payments executive Chipo Mushwana said that technology is driving a host of innovations at the bank, and transforming the payments industry.
Among the key trends that Nedbank is keeping an eye on are concepts like embedded finance, digital IDs and payments as a service.
According to Mushwana, the digitisation of payments is where the future of the banking ecosystem is heading. She mentioned “invisible payments” as an example of this – things like Uber, where transactions simply happen, and cash or cards do not feature in the process.
She said Nedbank has been pushing products and features that align with this, such as the Tap On Phone, which allows mobile devices to act as the method of payment between parties, or Money Message, which allows secure transactions over WhatsApp.
Another key trend is the Digital ID, she said. This is something like the Apple ID, which plugs into or opens up an entire ecosystem. Mushwana said that “we should have a Digital ID on a national level, or even an international level”, which would enable not only local transactions but also transactions between countries.
To enable the future of next-generation payments systems, Mushwana said that open banking, open data and cybersecurity are fundamental. She also said that regulators and authorities needed to step in to ensure that costs can be contained.
She said that there are several parties all along the value chain that contribute to higher costs when it comes to processing transactions – from card associations, other banks, etc. She said that a conversation needs to happen, and regulators need to be involved in bringing costs down.