Digitisation spurs Nedbank sales post-lockdown

by MTHULISI SIBANDA
JOHANNESBURG – NEDBANK, one of South Africa’s leading financial houses, has seen digital sales increase almost six-fold over the past two years as digitisation impacts on its business.

The impact is especially post-lockdown in the era of the coronavirus (COVID-19).

Digital sales have increased from 9 percent in 2018 to 53 percent in the first half of 2020.

Ciko Thomas, Group Managing Executive for Nedbank Retail and Business Banking, said digisation had helped increase the bank’s market share and efficiencies.

Nedbank has significantly increased the number of same-day funds disbursals on successful personal loans applications, from 40 percent last year to 65 percent currently.

“Our clients appreciate the speed with which these funds are now made available in their bank accounts during COVID-19 and the national lockdown,” Thomas said.

In June this year, at the peak of the virus, Nedbank effectively switched off all its legacy systems.

Subsequently, all its new business is now originated through the digital Eclipse platform.

– CAJ News