Nedbank launches Money App Lite

Nedbank today announced the launch of Money App Lite, a more streamlined and lighter version of the Nedbank Money App.

Money App Lite balances providing rich digital banking experiences with the need to ensure access for all clients, including those with limited data or device memory.

According to Stelios Vakis, Digital Executive for Nedbank Retail and Business Banking, it is important to realise that, while Nedbank has clearly stated its Digitally First, First in Digital ambitions, it is also a bank for all. The recently launched Affordability Report indicates that the average cost of 1Gb of data is 7.12% of the average monthly salary. Combine this with the fact that South Africa’s data prices are among the highest on the continent and we certainly have a significant challenge around accessibility on our hands.

This is a very important fact that needs to be taken into consideration when building digital banking solutions, and Money App Lite is the ideal answer to these challenges. In essence, the Money App Lite is:

• Less data-intensive as it is smaller to download, and it doesn’t need to be updated as often; and
• A smaller installation, meaning it uses less space on mobile devices.

Additionally, the app can also be downloaded directly from the Nedbank Web site by clients that don’t have access to the Google Play Store.

“At Nedbank, we are committed to ensuring that our clients are integral to our digital journey, and that has led us to consistently deliver market-leading client-empowering digital offerings, of which Money App Lite is the latest example,” explains Vakis.

“For us, digital is more than an operational enabler or a transactional channel. It's the foundation of our bank and how we deliver exceptional, efficient and value-adding experiences in response to the evolving needs and behaviours of our clients,” he concludes.