BUSINESS NEWS - Investments made by banks to beef up their digital capabilities and offer clients cost-effective services appear to be paying off.
Detailed figures disclosed in the financial results of four of the five largest banks in the country show e-migration is fast gaining traction.
Nedbank, which is aiming to create a “more agile, competitive and digital” bank reported a 68% increase in value of transactions facilitated via its app suite to R18.6 billion during the six months ended June 30 2017.
According to the bank, transactions were driven by an increase in the number “digitally active and enabled clients”, achieved in part through its nationwide network of intelligent depositor ATMs and 303 new digitally-focused branches.
It has identified a number of cost-saving initiatives in its Retail and Business Banking unit.
It expects to derive around 30% of the cost savings through revenue opportunities from data-driven intelligence, new digital technologies and innovation integration.
