The Nedbank Group is a South African financial services company headquartered in Johannesburg. As far back as 1831, Nedbank’s history can be traced to the Cape of Good Hope Bank and its successor, the Netherlands Bank of South Africa. Nedbank Group, as we know it today, was formed in 2003 following the successful mergers, structural changes, and rebranding of the Cape of Good Hope Bank and the Netherlands Bank of South Africa.
In 2022, Nedbank is a large financial services group that offers a full range of traditional banking services, from current accounts and mortgages to asset and wealth management. Nedbank’s primary market is South Africa, but it also operates in six other countries in the Southern African Development Community (SADC) and Angola and Kenya. For African clients outside Africa, Nedbank maintains offices in Guernsey, Isle of Man, Jersey, the United Kingdom, and the United Arab Emirates.
The COVID-19 pandemic crisis caused some instability in the region, leading to instability at Nedbank as well. The company’s Fitch rating is currently ‘BBB-‘. However, the outlook is positive. Fitch expects Nedbank to moderate credit losses and improve net interest income due to higher interest rates and support earnings growth. The bank is regarded as stable and reliable. Also, it has a reputation as one of the most digitally transformed banks in the region. Our Nedbank review is an attempt to evaluate the mobile banking platform and see whether it is as advanced as the company claims it to be.
Nedbank app review
The group provides several apps: Nedbank Business Authenticator, Nedbank App Suite, Nedbank Masterpass, Nedbank Zimbabwe, etc. In our Nedbank review, we will only cover one application – Nedbank Money. It is Nedbank’s main banking app for customers in South Africa.
Nedbank mobile app (Google Play)
Category: Finance, Banking
Released: Oct 15, 2017
Current version: 8.8.1-0-prod
Latest update: Apr 19, 2023
Downloads: over 5 million
Rating: 3.7
The latest update includes several bug fixes and enhancements, including push notifications for approving transactions.
Onboarding
There are three ways to open a Nedbank account. First, it’s possible to open an account at a bank branch. The second option is to sign up on Nedbank’s website. Lastly, one can sign up using the Nedbank application. The process is fast and simple. To apply, applicants must fill out a standard form with their name, address, phone number, and ID number. Next, users must create a Nedbank ID. It is the username and password combination selected by the user to access all Nedbank digital platforms.
Services
For individuals, Nedbank offers a dozen of service packages: Pay-as-you-use account (free), Unlocked.Me (free), Nedbank4Me (free), MobiMoney (free), Savvy Plus Gold (ZAR115 or US$7/month), Private Pay-as-you-use (ZAR140 or US$8/month), Private Clients for Young Professionals (ZAR190 or US$11/month), Savvy Bundle Platinum (ZAR220 or US$13/month), Private Clients (ZAR380 or US$22/month), and Nedbank Private Wealth Bundle (ZAR468 or US$27/month). Each account meets the needs of a specific group of customers. For instance, a Nedbank Private Wealth Bundle is for individuals with a yearly income of over R1,5 million. Unlocked.Me covers the needs of young adults (16–25 years old). Nedbank4Me is designed for minors.
Basic free plans include:
- Free debit card
- Zero monthly fees
- Overdrafts, loans, mortgages
- Instant payments
- Free inter-account transfers
- Contactless payments
- Money transfers by mobile number
- Scheduled payments
- Budgeting tools (MyPockets)
- In-app storage of users’ banking statements, notifications, etc.
- Rewards and discounts
- ATM and branch locator
Accounts such as Savvy Bundle Platinum and Nedbank Private Wealth Bundle come with extra perks. For instance, in addition to the basic services, Nedbank Private Wealth Bundle includes:
- Personal bank manager
- Personalized finance and share trading solutions
- 24-hour service suite
- Free supplementary / replacement cards
- US$2,5 million travel insurance with Visa Infinite
- One-year purchase protection (Visa Infinite)
- Extended manufacturer’s warranty on any purchase (Visa Infinite)
- Extended reward programs
Design & Usability
Nedbank app’s design is similar to that of any other traditional bank. The app has beautiful backgrounds and buttons that are easy to tap and recognize. It is quite informative and user-friendly. However, the navigation does not seem very intuitive. The ATM and branch locator, for example, is hard to locate. Finding budgeting tools might take some time, too. Gamification, personalization, and investing tools are absent. The app is aesthetically pleasing and functional, but it does not qualify as one of the best digital bank platforms.
Reliability & Security
Nedbank complies with the legislation of each country in which it operates. In addition to guaranteeing privacy and deposit safety, it uses all modern technology to ensure data security, such as encryption, multifactor authentication, real-time SMS and push notifications, etc. The Nedbank app also gives users extensive control over their accounts: they can change their PINs directly from the app, lock cards instantly from the app, and report stolen cards immediately.
Meanwhile, the performance and stability of the app are questionable. Many users report sudden crashes, downtimes, glitches, long response times, and more. While unpleasant, these issues are understandable since Nedbank is transforming into a digital native company. It’s not uncommon for transformation processes to affect software performance.
Support
There is a real-time chat with the bank representatives in the Nedbank app. Other communication channels include official social media pages, e-mail, and telephone. In-app chat and phone hotlines are available 24/7. Everything appears to be fine at first glance. Still, there are dozens and dozens of customer complaints about the incompetent, rude, and ineffective support team. It may take hours, if not days, to resolve a customer’s problem.
Our verdict
3,8 stars out of 5. Nedbank is one of the biggest and most stable banks in the region. It offers a full range of banking services (current accounts, loans, mortgages, deposits, etc.) and some innovations (QR payments, budgeting tools, and so on). However, Nedbank cannot be considered as one of the most digitally advanced banks, as its app has performance and stability issues. Plus, customer service needs serious improvement.
What we like about Nedbank:
- Free current accounts
- No minimum opening deposit
- Real-time transactions
- Contactless payments
- Automated bill payments
- Budgeting tools
- Rewards and discount programs
- In-app storage of users’ banking statements, notifications, etc.
- A personal bank manager and financial advice (with Nedbank Private Wealth Bundle)
- Extended manufacturer’s warranty (with Visa Infinite)
- Cards control
- Branch / ATM locator
- English version of the app
What we dislike about Nedbank:
- Confusing app navigation
- Frequent app crashes
- High fees for withdrawals and certain transactions
- Poor customer support
Why Nedbank?
Nedbank doesn’t offer cutting-edge features such as contactless withdrawals yet. However, it provides a winning combination of full-fledged bank service and a basic kit of modern digital banking tools. Nedbank’s mobile banking enables customers to manage their money quickly and efficiently without visiting a bank branch. Tariffs are reasonable. Moreover, Nedbank offers a variety of valuable reward and discount programs.
Value for customers:
With Nedbank, one gets not only all banking services, such as loans and mortgages, but also a secure mobile banking platform with all necessary digital tools. The fees are moderate. In addition, the bank offers beneficial rewards and discount programs, competitive deposit rates, and cashback opportunities.
Value for partnering businesses:
Global partnerships are an integral part of the company’s operations. Its network includes other banks, large brands, retailers, startups, etc. Further, Nedbank is developing an open banking ecosystem with APIs for third parties to access. Any company or brand can partner with Nedbank if it has a valuable offer for Nedbank customers or Nedbank itself. Visit the Nedbank website for more information.
