Digital banking functions have been available for ages, but after various disruptions to our lives over the past few years, there has been a sharp rise in the number of South African consumers who are switching to digital banking services.

This, in turn, stimulated innovation in the fintech sector, which has for some time been dedicated to improving technology to convince clients to shift from traditional banking channels and embrace digital banking.

Banks now focus on delivering new features and services to their clients on a monthly basis, while ensuring a seamless client experience on all digital-banking channels. They are dedicated to expanding capacity as the number of clients reliant on digital banking continues to grow.

This expansion has made it clear that, in terms of convenience and reduced costs, digital banking is the better money choice.

Ways in which digital banking is more convenient

Digital banking aims to make your life easier so your banking takes less time away from the many other commitments in your day.

Included in this convenience are the following:

• The ability to perform common bank transactions, and several complex ones, from almost anywhere. You can view your balance, download a statement, query a transaction and more.
• 24-hour access to banking functions, 7 days a week.
• Paperless banking, with a full transaction history.
• The ability to set up automatic payments for regular utility bills.
• The ability to make online payments and send money.
• Access to banking services in remote areas.
• Enhanced privacy and security, using protective strategies like 2-factor authorisation and biometric identification.
• The ability to report and block lost or stolen cards instantly.
• Constant personal control and management of your finances, thanks to built-in budgeting and accounting tools and frequent tips to help you make better money choices.

Digital banking saves on costs

Cost-effectiveness is about more than just the price of a service. How much of your time will you spend going to a branch or an ATM, and what is your time worth? Will you spend money on transport or fuel as well? Can you get to a branch to perform a transaction only if you take unpaid time off work

Here are some ways in which digital banking often proves to be a more cost-effective option:

• It saves you time, and time is money.
• It lets you bank from anywhere, so you have no transport costs to consider.
• Many services that have a fee if requested in-branch or at an ATM are free on digital banking so you reduce your monthly bank charges.
• You’re alerted to suspicious activity on your accounts by the banking app so you can catch any fraud attempts faster and block an account.
• You have an easily accessible record of all transactions and can use digital banking apps to sort your expenses into categories so you save more time when planning a budget or preparing tax returns.
• The rapid expansion of the market means that all banks are eager to sign up as many clients on digital banking platforms as possible. This competition leads to banks offering a range of incentives and rewards attached to specific transactions and applications on their digital banking channels. For example, Nedbank offers a host of rewards to home buyers when they apply for their home loan using the Money app, including up to R15,000 cash back.

Seamless digital banking experiences with Nedbank

We have 3 channels that give you access to digital banking on a range of devices:

The Money app

Personal and business banking should not be limited to a building or times when a branch is open. That’s the reason for our mobile banking app. The Nedbank Money app is an easy-to-use, on-the-go banking app with state-of-the-art security features that allow you to do all your banking on your smartphone or tablet.

Online Banking

Our Online Banking platform provides an effortless experience for all your personal and business transactions. Like the Money app, Online Banking means you can make payments or transfers, open savings and investment accounts, buy airtime or electricity, monitor your credit score, apply for credit, shop online and more – at any time, from almost anywhere.

Cellphone Banking *120*001#

If you don’t want to download the Money app, you can still access many of our digital-banking services on your cellphone by using USSD strings – what most of us call ‘quick codes’. Bank anytime, anywhere, with Nedbank Cellphone Banking. Simply dial *120*001# on your phone and follow the prompts to get started.