Johannesburg, 11 Aug 2006
Nedbank is bolstering its distribution channels with a R1 billion investment, of which a "very substantial" amount is earmarked for IT spend.
MD of retail banking services Clive van Horen says the bank is already in the process of upgrading or replacing its entire ATM network and self-service terminals. Nedbank has about 1 100 ATMs and 300 self-service terminals.
"This process should be completed by year-end," he says. The ATM upgrade is "well under way" and the self-service terminal programme is also off the ground on the software side.
Over the next two-and-a-half years, Nedbank aims to install 600 ATMs, more self-service terminals, and invest in point-of-sale devices. The new ATM programme is still in the early stages, says Van Horen.
The R1 billion upgrade of its distribution infrastructure follows the integration of Peoples Bank into Nedbank in 2005. The strategy aims to deploy a variety of distribution channels to strengthen the bank`s retail footprint in areas where it is under-represented, the bank says.
The bank`s cellphone banking channel is also benefiting from the investment with the introduction of WAP-based cellphone banking earlier this year, and with SMS cellphone banking to follow soon, the bank says.
Retail MD Rob Shuter says: "This investment will enable us to substantially improve our sales and service delivery and help us to meet the banking needs of a broader community."
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