Nedbank adds new features to digital banking channels

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South African big-four bank Nedbank has added new features and services across its range of digital banking platforms.

These enhancements include the introduction of cardless withdrawals, simplified cellphone banking registration to access mobile transaction options, and a digital conversational chatbot assistant called Enbi.

Local banks are ramping up efforts to improve their digital banking channels in the wake of the COVID-19 pandemic.

In its financial results last month, Nedbank said it now has 2.53 million digitally-active customers in SA, an increase of 27% year-on-year from 1.85 million in the first half of 2020.

According to Ravikumaran Govender, programme executive for Digital Fast Lane at Nedbank, these enhancements to the bank’s Money app reflect Nedbank’s “digital with heart” commitment, aligned to its “first in digital, digital first” journey.

“Our digital journey is, and always has been, undertaken with the targeted destination to offer clients an easy-to-use, highly engaging and helpful digital banking experience, one that ensures seamless, cost-effective and convenient banking across all our digital channels,” he says.

The bank notes the implementation of chatbot assistant Enbi on Nedbank’s Money app and online banking platforms offers clients an easy-to-use way of getting day-to-day tasks done, as well as allowing customers a more natural way of engaging with Nedbank.

“Enbi is set to raise the bar when it comes to the value that digital assistants can bring to customers when managing their finances,” says Govender.

“Enbi’s intuitive interface and natural language makes it easier for our users to find out more about our services and products. Enbi navigates users to key features in the Money app and online banking, and has useful buttons and quick replies so they can achieve their task. Enbi empowers and guides users how to perform certain tasks, like how to reverse a debit order or find their nearest branch.”

Govender notes that one of the challenges with banking apps is that it can take time to find the various features the customer is able to use.

“Enbi helps by understanding what the customer is looking to achieve and either giving them the information, or guiding the customer to the right function. Nedbank’s customers have enthusiastically adopted the Live Agent Chat functionality that was implemented two years ago, and this latest feature builds on that to further enhance the ability of customers to engage with us.”

The chatbot was developed for Nedbank by Kasisto, a provider of conversational artificial intelligence technology and digital assistants for the financial services industry.

According to Zor Gorelov, chief executive and co-founder of Kasisto: “Enbi is powered by KAI Kasisto’s digital experience platform that comes with the financial skills and knowledge to deliver a human-like conversational experience.”

The bank says it will unveil a number of other enhancements to its digital banking offering, including enhanced cellphone banking (*120*001#) and a cardless withdrawal solution on the Nedbank Money app, Nedbank online banking, cellphone banking and MobiMoney platforms.

It explains the cardless withdrawal facility makes it quick and easy for Nedbank clients to send money to recipients, even if they are not Nedbank clients.

Recipients can withdraw the cash from any Nedbank ATM or at selected retail stores using a secure voucher number and one-time password.

The bank has already partnered with Shoprite, Checkers, Usave and OK stores, and will continue to grow its footprint across the country, it adds.

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