Nedbank’s multibillion-rand investment into its Managed Evolution (ME) digital transformation strategy has earned it global recognition at the Euromoney 2024 Awards for Excellence. The bank has been named as Africa’s Best Digital Bank and South Africa’s Best Digital Bank for its outstanding leadership in digital innovation.
At the same awards ceremony, Nedbank’s financial inclusion strategy earned the banking brand international recognition for its intensified efforts to bridge the financial exclusion gap. The bank has been conferred 2 additional awards: The World’s Best Bank for Diversity and Inclusion and South Africa’s Best Bank for Diversity and Inclusion.
The Euromoney Awards for Excellence has been the definitive annual awards programme of the global banking industry for the past 30 years, pioneering a comprehensive awards programme that remains the industry benchmark globally. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.
Best Digital Bank
‘In 2016, Nedbank embarked on a R9 billion ME technology strategy aimed at unlocking efficiencies by embracing digital through a complete refresh of our digital platforms’ says Ciko Thomas, Group Managing Executive of Retail and Business Banking at Nedbank. ‘The strategy also aims to place our clients at the centre of the journey by providing them with a more integrated client experience over time. Over the years, the ME journey has enabled us to refactor our core banking, with a particular focus on deposits and transactional products, the completion of the payment modernisation programme, and enhancing our onboarding and servicing of clients. The project has resulted in continued double-digit growth in all digital-related metrics, as well as higher levels of cross-selling.’
Best Bank for Diversity and Inclusion
On being recognised for financial inclusion, Thomas says, ‘Nedbank’s financial inclusion strategy goes beyond mere access to bank accounts and encompasses the sustainable use of diverse financial offerings. By incorporating financial inclusion in our strategy, Nedbank empowers people to participate fully in SA’s financial system, regardless of their income level or background. Coupled with fair client market conduct, our strategy creates a win-win situation – achieving our strategy while ensuring equitable access to financial services for all.’
Some of the notable spin-offs from Nedbank’s financial inclusion strategy include expanding its financial wellness and education reach, with 11 million consumers receiving financial education in 2023. Furthermore, its Enterprise and Supplier Development (ESD) programmes have demonstrated tremendous impact, touching both gender and sector challenges and promoting the development of both individual and business growth through initiatives such as ‘Proud of My Town’, the Youth Entrepreneurs programme, the Agripreneur programme, and its collaboration with Township Entrepreneurs Alliance (TEA) to support and promote the development of the township economy.
‘The recognition from the Euromoney Awards for Excellence affirms that our digital strategy, which aims to digitise, delight and disrupt the financial services industry through rapid innovation, is yielding positive results and adding value to the lives of our clients. This has culminated in maintaining our #1 ranking on the Net Promoter Score, which is the gold standard customer experience metric.’
‘Considering that entries submitted by banks from over 100 countries were evaluated by the Euromoney Awards for Excellence programme’s judging panel in various categories, we are humbled that our intentional efforts to promote financial inclusion and wellness, as well as to provide inclusive financial services to underserved and unserved individuals, SMMEs, and communities are recognised by the global community as market leading’, Thomas concludes.
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