Nedbank has been recognised for its data analytics tool at the global Efma Accenture Innovation Awards in Amsterdam.
The Market Edge solution won in the Big Data and Analytics category.
The Efma Accenture Innovation Awards aim to identify and reward the most innovative projects in the retail financial services arena at a global level.
Chris Wood, head of emerging payments, strategy and regulation at Nedbank, said innovation had always been central to the bank's operations having been first-to-market with a number of leading technologies.
"Nedbank was one of the first major financial institutions globally to implement a form of banking on a cellphone, known as WAP banking - the real precursor to the app that we now have on our cellphones."
Other innovations included being the first to introduce pre-paid options through electronic channels rather than physical vouchers - something that has now become a standard offering, says Wood.
More than 200 financial institutions from 59 countries submitted 500 case studies of innovations within 10 categories.
Patrick Desmar`es, Efma's secretary general, says banks are finally entering the age of customer-driven innovation.
He believes at a time when competition is intense, banks must offer relevant, personalised and seamless experiences across channels to attract and retain customers.
"The winning institutions are innovating to provide a better customer experience and develop stronger customer relationships."
There are so many banks and non-banks playing in the financial services sector at the moment, it is ripe for disruption, says Wood.
What banks have that non-banks typically do not is the existing customer base and a history of providing products and services in the financial industry, he adds.
However, banks often do not have the agility and flexibility to build customer friendly solutions that incorporate beautiful design or customer centric interfaces, explains Wood.
This is where fintech start-ups with no legacy or historical complexity are often able to rapidly innovate and build solutions for a specific need, he adds.
"Market Edge is one of a number of payments innovations that we are building that will add value to our business and individual customers as we are truly committed to being the leading player in innovating in payments in the domestic banking market," says Wood.
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