Nedbank Receives Recognition for Repositioning its Retail Business

Nedbank’s sustainable turnaround of its retail business has received international recognition from both The Asian Banker and African Banker magazine.

Last month Nedbank was named Best Improved Retail Bank (Middle East and Africa region) by The Asian Banker and also received awards for Best Customer Relationship Management and Best Brand Building Initiative in Africa for 2014 at a ceremony held at the Dubai International Financial Centre on 30 April 2014.

In addition to The Asian Banker awards, Nedbank has been short-listed by African Banker magazine in five categories of African Bank of the Year, Best Retail Bank in Africa, Socially Responsible Bank of the Year, Award for Innovation in Banking and Deal of the Year. The winners will be announced in Kigali, Rwanda, on 20 May 2014.

This is the first time that Nedbank has received such recognition from The Asian Banker, which is based in Singapore and is the region’s most authoritative provider of strategic business intelligence to the financial services community. A stringent evaluation process is applied to determine the winners amongst many global entrants.

Since charting a new path to sustainable profitable growth in 2010 Nedbank Retail has been transformed strategically into a client-centred, aspirational bank for all, with excellent risk management practices protecting against downside risk, while also delivering a fundamental turnaround in financial performance and consistently investing in building the sustainable franchise.

Acknowledging the demographic shifts in South Africa and the need to remain relevant to a rising middle class and new entrants into the formal banking sector, Nedbank has used innovative marketing to target the middle and entry level banking markets increasingly, to make the aspirational brand more accessible and to show its commitment to enabling consumers to make better financial choices with a view to improving their lives. Two campaigns, Nedbank Ke Yona Team Search and Nedbank Savvy, not only won Best Brand Building Initiative, but the latter was also voted by consumers as third and seventh in the Millward Brown Best Liked Ad survey for 2013 and both contributed to a 20% increase in Nedbank’s brand valuation in 2013.

Ingrid Johnson, Group Managing Executive of Retail and Business Banking, says: ‘Nedbank is delighted with the recent recognition. When looking at Nedbank Retail today, clear progress has been made, with two million more clients banking with Nedbank, and strong, sustainable financial performance delivered. Our world-class customer management capabilities are placing us among the top 5% of companies globally as measured by SCHEMA.’

‘Over the next few years, by staying true to our chosen strategies, we can accelerate our growth in clients and cross-sell off these strong foundations, while continuing to contribute meaningfully to the Nedbank Group and making a difference in the communities we serve,’ concludes Johnson.