Self-service banking extended upstream to include new account applications
“The digital revolution is part of the Nedbank journey to enhance our customer experience. The new processes have great potential for business development through cross-selling and up-selling techniques, and above all for increasing customer loyalty by implementing a customer journey design that’s attractive and comfortable. Online applications are only the beginning, we are investigating a host of opportunities to innovate and bring convenience to our clients,” said Nedbank’s Head for Distribution, Benjamin Fourie when announcing that prospective clients will now be able to submit an application to open a new account via a link on the bank’s website.
By visiting nedbank.com.na clients can chose the account relevant to their need and furnish all the required information online via the application interface. Once the information has been entered, the form is submitted and a consultant will contact the applicant by phone. This takes a fraction of the time it would have taken in a branch. Applications can be submitted 24/7 via any internet-connected device.
Once the application is processed and approved, the new client still has to collect the ATM card at a designated branch during business hours. This enables the bank to confirm the client’s identity for compliance with the Financial Intelligence Act and the Know Your Customer requirements of the Bank of Namibia.
Marketing Manager Mario Poolman commented “today’s customers are exposed to innovative platforms all the time and expect convenience from all their service engagements.”
From various opinion surveys, the bank learned that none of its existing clients ranked branch visits high. “So we invested our energy in developing a journey for them where they didn’t have to. We are expanding on the process and we have already significantly reduced branch time to a fraction of what it used to be for an application,” he said adding that the feedback they get from new customers who have just completed the application process, guides them further to improve the experience.
Since the new method to apply was introduced, the bank said it has seen a growing number of new accounts opened.
“The success of the platform demonstrates that our market is ready for digital innovation in service delivery and more specifically in sectors that are traditionally, and sometimes stubbornly, bricks and mortar focused, like the banking space,” said Poolman.