Nedbank has launched the Money App Lite, a more streamlined and lighter version of the Nedbank Money App. Photo: File

DURBAN - Nedbank has launched the Money App Lite, a more streamlined and lighter version of the Nedbank Money App.

Money App Lite balances providing rich digital banking experiences with the need to ensure access for all clients, including those with limited data or device memory.

According to Stelios Vakis, Digital Executive for Nedbank Retail and Business Banking, it is important to realise that, while Nedbank has clearly stated its Digitally First, First in Digital ambitions, it is also a bank for all. 

The recently launched Affordability Report indicates that the average cost of 1 Gb of data is 7.12 percent of the average monthly salary. Combine this with the fact that South Africa’s data prices are amongst the highest on the continent and we certainly have a significant challenge around accessibility on our hands.

This is a very important fact that needs to be taken into consideration when building digital banking solutions and Money App Lite is the ideal answer to these challenges. 

In essence, the Money App Lite is:

1. Less data intensive as it is smaller to download, and it doesn’t need to be updated as often

2. A smaller installation meaning it uses less space on mobile devices.

Additionally, the app can also be downloaded directly from the Nedbank website by clients that don’t have access to the Google Play Store.

He said, "At Nedbank, we are committed to ensuring that our clients are integral to our digital journey and that has led us to consistently deliver market leading client-empowering digital offerings, of which Money App Lite is the latest example". 

"For us, digital is more than an operational enabler or a transactional channel. It's the foundation of our bank and how we are deliver exceptional, efficient and value-adding experiences in response to the evolving needs and behaviours of our clients," concluded Vakis.

Nedbank Money app

Nedbank launched the Nedbank Money app in 2017 and since then the bank has added new features to the app as well as added a feature that allows users to search for properties on the app. 

Some of the features of the Nedbank Money app include:

Scan to pay: Users can look out for the QR code at their favourite stores and pay using their cellphone.

Freeze and unfreeze you card: Users can temporarily freeze their card if the lose it and unfreeze it once they find it and continue to transact normally.

Greenbacks Balances: Users can check the rand value of their Greenbacks points with the app. 

Loans: Qualifying clients have a simpler way of getting a personal loan and will receive a choice of loans offers that are tailored to them.

In 2019 Nedbank added two new features to the app including a digital virtual personal assistant called HeyNed to the app and a new Home-Buying Toolkit that allows users to buy or sell their homes on the app.

According to Nedbank, the Home-Buying Toolkit will make it easier and convenient for prospective home buyers with a comprehensive range of tools and guidelines aimed at equipping them with everything they need to find, finance and purchase their ideal home.

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