Nedbank App Suite: R1 billion transactional value with Zero incidents of fraud

Nedbank App Suite - Secure banking appNedbank App Suite - Secure banking app

How do you know your app is working ? You monitor its downloads but most importantly you monitor its usage.

The Banking landscape in South Africa will never be the same again with the introduction of Mobile Apps that connect people directly to their banks and allow them to transact.

I have been following closely the Nedbank success story and have revealed many behind-the-scenes facts back at the end of 2012.

It is now January 2013 and its interesting to do a follow up and see how and if the Nedbank user base has indeed embraced the app.

How many users ?

Since its launch in July 2012 the Nedbank App Suite™ has proven popular among consumers with more than 115 000 downloads of the app so far. At the end of October 2012 this figure was 66 000. So in just two short month the number of installed application has literally doubled !

The fact that the Nedbank app is available for Blackberry, Android, iOS and even Nokia phones must be commended.

Managing Executive of Client Engagement, Anton de Wet attributes the popularity of the Nedbank App Suite™ to its simplicity, cost effectiveness, wide range functionality, convenience and security.

“In an environment where time is money and security is vital the Nedbank App Suite™ is providing a valuable service to our clients. Through the Nedbank App Suite™ your bank is available anytime, anywhere. It has world class security features, provides a distinctive user experience and offers great value banking for our clients,” says de Wet.

So what about the Rands ?

Nedbank has reached a number of milestones.  In a few short months exceeding R1 billion in transactional value being processed via the app with no incidents of fraud. This is serious. Not a single incident of fraud which is rife in the “online internet” world.

This is attributed to the way Nedbank has attacked their security platform. The Nedbank App Suite is the only banking app in South Africa to leverages Ecert technology. The App Suite activation process links your physical device to your banking credentials. This means that even if a SIM swap occurs at no point is your App Suite compromised. The registered devices are the only authorised devices able to access the banking capability on the App and can do so over any data connection without the reliance of a SIM card.

Retail banking transaction values conducted through the app have grown by 200% month-on-month with volumes increasing over 140% month-on-month.

“The increasing value of transactions carried out by Retail and Business Banking clients demonstrates a growing confidence in Nedbank’s digital security. The largest single payment made via the Nedbank App Suite™ by an individual is R1.6 million with a Business Banking payment of R140 million being successfully concluded.”

What about the other Products ?

Online Share Trading: The Nedbank App Suite is also the first banking app to offer online share trading in South Africa and a similar level of confidence is demonstrated by Nedbank Private Wealth users of the app with a single transaction to the value of R1,5 million being executed. 

MyFinancialLife™ : Nedbank’s online personal financial management tool, MyFinancialLife™, launched in September 2012, continues to gain momentum with over 10 000 registered users aggregating over 50 000 accounts whose assets and liabilities equate to over R16 billion in its first three months.

“MyFinancialLife™ provides consumers with a single consolidated view of their financial standing, making it easier for them to make the necessary changes.  Read all about my interaction with this “Reality Check” product

Keep it up Nedbank – clearly you are onto a winning formula (and no “free tablets need apply”)

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