Technological innovations are occurring at a rapid pace throughout all industries, but the banking and financial services sector specifically has witnessed major change in recent years.
Just 20 years ago, Nedbank made the decision to choose Microsoft as its main distributed IT infrastructure - this sounds like the obvious choice now; but then most institutions ran on an IBM platform. This was such a bold move that Bill Gates personally travelled to SA to seal the deal with Nedbank.
According to Fred Swanepoel, who was in 2009 the 11th CEO appointed at Nedbank, this was one of a number of "first-to-markets" for Nedbank in terms of technological innovation. "Internet banking is so common nowadays, people don't think twice about making payments from their cellphones, but this has been through many iterations to get where we are now."
Here are some of the tech developments that have paved the way to how banking is done in 2014:
* 1963: Nedbank institutes the NCR 315 Data Processing System (released in January 1962 by NCR), a second-generation computer that used 12-bit slab memory structure using core memory.
* 31 May 1964: Nedbank introduces "computerised banking services" in what it says is a first for SA.
* 1969: Conversion to Burrough V-series machines.
* 1970s: The automation of branches and inter-bank capabilities expand (eg, automation of clearing between banks).
* 1987: Nedbank introduces Nedinform - "Office Banking" (known today as Internet banking) for corporate clients.
* 1992: Smart card technology is introduced.
* 1994: Nedbank adopts IP-based systems network architecture and introduces Microsoft technology for decentralised processing.
* 1995: Technology conversion to multiple virtual storage (MVS) IBM compatible environment from Burroughs V-series and A-series. MVS is IBM's best-known operating system for mainframe and large server computers.
* 1997: Nedbank launches Internet banking and becomes more prominent in electronic banking (ATMs).
* 2003: SAP technology is introduced into the Nedbank Group.
* 2004: Swiss Card electronic and back-office processing is introduced.
* 2012: Nedbank introduces mobile banking.
* 2014: Nedbank celebrates 50 years of "innovation in banking".
"Technology evolves at such a rapid pace that it is critical that banking technology continues to help deliver innovative solutions that can be personalised and provide convenient, safe banking," says Swanepoel.
He says the bank is "fast-tracking the movement of banking technology into the future" through the launch of the Nedbank Group's "Branch of the Future", designed to facilitate sales and service through various channels. "It's about improving the customer experience, with features like automated queuing, multi-functional service points, video banking with subject matter experts, and access to technologies such as iPads, touch-screens, smart tables and video walls."
Swanepoel notes South African banks are recognised internationally for implementing best practices and he believes it is critical to ensure the local banking industry remains on top of the rapid changes in technology trends.
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