{"id":53591,"date":"2014-02-25T10:01:16","date_gmt":"2014-02-25T08:01:16","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=53591"},"modified":"2014-02-25T17:45:09","modified_gmt":"2014-02-25T15:45:09","slug":"weve-got-our-innovation-mojo-back-nedbank","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/53591\/weve-got-our-innovation-mojo-back-nedbank\/","title":{"rendered":"We’ve got our innovation mojo back: Nedbank"},"content":{"rendered":"

Nedbank<\/a>\u00a0CEO, Mike Brown has pointed to further innovation for the bank in 2014, particularly in the area of\u00a0mobile wallets.<\/p>\n

In December, the group said it would re-launch its mobile money service, M-Pesa, onto a new IT platform that will interface directly into banks.<\/p>\n

Nedbank launched M-Pesa in partnership with\u00a0Vodacom<\/a>\u00a0in August 2010, with the service having in excess of 1.2 million registered users.<\/p>\n

Speaking at the company’s headquarters in Sandton, following the release of results for\u00a0the period ended December 2013, Brown said: “Certainly, I think Nedbank has got our innovation mojo back.”<\/p>\n

“Nedbank was an extremely innovative organisation in the late 90s, early 2000s. We went through a tough time in ’03, ’04 and lost some of that flair. People became too scared to innovate.”<\/p>\n

“We\u2019ve probably done more in the last three to four years than we did in the previous five,” Brown said.<\/p>\n

He highlighted the group\u2019s App Suit \u2013 which won an award for the best consumer app in SA. The app was launched in\u00a0July 2012.<\/p>\n

Brown answered a question posed by BusinessTech\u00a0on social media site Twitter on Monday (24\u00a0February), on the growth of its app. “We’ve had over 350,000 downloads, with the number of users doubling to over 90,000 over the last year,” Brown said.<\/p>\n

BusinessTech asked Brown if Nedbank would follow\u00a0FNB and offer retail mobile devices:<\/p>\n

“We\u2019re committed to continued improvements in our Mobile & Digital offerings, always on the lookout for new possibilities,” Brown tweeted.<\/p>\n

“There is some exciting stuff that is coming out in 2014, particularly in the area of mobile wallets, where hopefully we will land our new switch will enable us to develop Nedbank\u2019s new mobile wallets,” the bank’s lead said.<\/p>\n

Nedbank said it grew its retail customer segment\u00a0by 529,000 or 9%, to 6.4 million during the period ended December 2013, while total clients advanced 10% to 6.7 million.<\/p>\n

Headline earnings increased 15.9% to 8.67 billion rand, while headline earnings per share increased 15% to R18.29, the bank said.<\/p>\n

Clients using digital increased 103% cumulatively to 1.64 million, it said.<\/p>\n

Nedbank noted that it rolled out 28 \u2018branch of the\u00a0future\u2019 stores, along with 334 new ATMs taking its total to\u00a03,382.<\/p>\n

Distribution growth included five net new outlets, while 27 branches and one retailer outlet were refurbished in line with the branch of the Future design principles.<\/p>\n

The bank plans \u201can accelerated roll-out\u201d to invest R2.1 billion over the next five years on its branches, hoping to save 15% in floor space.<\/p>\n

\u201cThis will \u00a0enable 75% of the client base to experience this\u00a0enhanced branch experience within three years,\u201d it said.<\/p>\n

More on Nedbank<\/h3>\n

Nedbank adds 529,000 customers<\/strong><\/a><\/p>\n

Nedbank invests for future growth<\/strong><\/a><\/p>\n

Nedbank looks to refresh M-Pesa<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nedbank CEO, Mike Brown has pointed to further innovation for the bank in 2014, particularly in the area of mobile wallets.<\/p>\n","protected":false},"author":10,"featured_media":53593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,1415,1811,1799,27],"class_list":["post-53591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-m-pesa","tag-mike-brown","tag-nedbank","tag-vodacom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=53591"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53591\/revisions"}],"predecessor-version":[{"id":53631,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53591\/revisions\/53631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/53593"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=53591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=53591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=53591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}