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Nedbank Breaks New Technological Boundaries

Author: Melissa Cohen
Date: 2017-11-20
Technology is quickly taking over the world and now Nedbank is taking banking to the next level. Solar power and VR systems, what next?
With technology advancing faster than the speed of light, the banking world has finally made the move. Nedbank, one of South Africa's top banks, has challenged their competitors to provide customers with a futuristic look at banking. Over the past few months, they have included a solar-powered branch as well as a 'digital-only' store to their company. We take a look at Nedbank's move to digital and compare this to other banks who have already made the shift.
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First Solar Branch

In September this year, Nedbank launched the first ever solar bank branch in Mncwasa, 60km from Mthatha in the Eastern Cape. This branch is aimed at providing banking facilities to a community without banking facilities. Nedbank made this possible through the Mncwasa community's service provider, Solar Turtle. The solar branch is able to provide community members with the opportunity to finally have access to cashless banking facilities and digital payment solutions. Over 69% of the Mncwasa community depend on child grants and have never had access to proper banking services.

'The Branch Of The Future'

First National Bank (FNB), was the first bank in South Africa to make their way over to digital banking. In 2013, FNB launched their first dotFNB branch that aimed at providing cashless transactions. Over the years, Nedbank has accepted the challenged and launched what they call, 'the branch of the future'. According to Nedbank's Managing Executive Branch Network, Dave Schwegmann,  Nedbank's new branch provides customers with the state-of-the-art technology. "We understand that innovation and convenience are vital in an ever-changing world where clients are spoiled for choice. This means providing a seamless client experience through a choice of innovative banking channels. This allows for their limited time to work better for them," explains Schwegmann. The launch Nedbank's 'Bank of the Future' was at the La Lucia Mall in Kwa-Zulu Natal. Schwegmann explains that Nedbank aims to differentiate themselves from other banks doing similar things, such as dotFNB by focusing on specific areas.

Products And Services

This branch includes the following features:
  • Nedbank has made queuing easier. They will send an SMS to their customers while they are shopping to let them know when there will be less of a queue;
  • 'Intelligent Depositor' allows non-Nedbank customers to deposit to Nedbank customers;
  • Digital interface video banking facility is available for customers to chat with a banking consultant;
  • The bank is equipped with wifi, internet stations and iPads for customers to connect with the online world while they wait;
  • Business clients have their own meeting rooms available to them.
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First Digital-Only Branch

At the beginning of November, the green bank brand launched the first ever digital-only branch. This is a first of its kind for South Africa and mimics N26, the German bank. The branch, which was launched at the NZone station, at the Gautrain Station in Sandton. Nedbank aims to bring this service to other stations around the country. This digital zone aims at allowing clients to engage first-hand with new and exciting digital platforms. The bank wants customers to become more confident and sufficient when it comes to digital transactions and just banking in general. The entire branch is a free wifi zone, this encouraging customers to use their devices to make transactions themselves. This concept is much like the one that launched in KZN a few years ago. This model is different though, here are some of the features people can expect:
  • An interactive wall that provides information to customers how to make use of digital banking services;
  • Clients get to enjoy a virtual reality experience via special VR headsets;
  • Customers are able to speak to their own personal banker in a private kiosk via Skype;
  • The bank allows customers to print certified copies of their bank statements.
Are you ready to take the digital jump? Let us know your thoughts.  

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