Nedbank’s multibillion-rand investment in its Managed Evolution (ME) digital transformation strategy has earned global recognition at the Euromoney 2024 Awards for Excellence. For its outstanding leadership in digital innovation, it has been named as Africa's best digital bank and South Africa's best digital bank.

Nedbank’s achievements at Euromoney 2024

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: ‘World’s Best Bank for Diversity and Inclusion’ and ‘South Africa’s Best Bank for Diversity and Inclusion’.

For the past 30 years, the Euromoney Awards for Excellence has been the definitive annual global banking industry awards programme, pioneering a comprehensive awards programme that remains the industry benchmark globally. These 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.

The impact of Nedbank’s Managed Evolution strategy

'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, focusing on deposits and transactional products, completing 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 and higher levels of cross-selling.'

Nedbank’s commitment to digital innovation

Nedbank’s digital transformation strategy, Managed Evolution, is a testament to its commitment to digital innovation. By investing heavily in technology and digital banking platforms, Nedbank has offered a seamless and integrated client experience. This strategy has improved operational efficiencies and enhanced client-relationship management, making it easier for clients to access financial services.

How Nedbank empowers South Africa’s financially excluded

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 South Africa'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 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 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.

Nedbank’s efforts in diversity and inclusion

Nedbank’s recognition as the ‘World’s Best Bank for Diversity and Inclusion’ and ‘South Africa’s Best Bank for Diversity and Inclusion’ highlights its commitment to creating an inclusive environment.

The bank’s efforts in promoting diversity and inclusion are evident in its policies and initiatives to ensure equitable access to financial services for all, regardless of background or income level.

Role of technology in Nedbank’s transformation

The role of technology in Nedbank’s transformation cannot be overstated. Its ME strategy has leveraged cutting-edge digital banking platforms to enhance client-relationship management and streamline operations. This technological advancement has been pivotal in positioning Nedbank as a leader in the financial services industry, particularly in retail banking.

Client-centred innovations driving Nedbank’s success

Nedbank’s focus on client-centred innovations has been a key driver of its success. By prioritising the needs and preferences of its clients, the bank has been able to deliver tailored financial services that meet the diverse needs of its client base. This approach has improved client satisfaction and has fostered loyalty and trust among clients.

Nedbank’s journey to becoming South Africa's best digital bank

Nedbank’s journey to becoming South Africa's best digital bank is a testament to its unwavering commitment to digital transformation and innovation. Its strategic investments in technology and focus on enhancing the client experience has set it apart from its competitors, earning it prestigious accolades and recognition on a global scale.

Prospects for Nedbank in the banking industry

Looking ahead, Nedbank’s prospects in the banking industry appear promising. Its continued focus on digital transformation, financial inclusion, and client-centred innovations positions it well for sustained growth and success. As Nedbank continues to leverage technology and embrace new opportunities, it is poised to remain a leader in the financial services sector in South Africa and across borders.