The release of the 2018 South African Customer Satisfaction Index (SA-csi) revealed that Nedbank’s intense focus on service excellence as an integral part of the bank’s client centred strategy, is translating into tangible positive experiences for its retail and business client base.
In the increasingly competitive world of banking, where customer satisfaction is a key differentiator, the index puts Nedbank as the most improved bank in 2018 in terms of perceived value by customers.
Perceived value is arguably the most contested area in customer experience as it goes deeper than merely comparing fees, and is a reflection of the true, overall value that customers feel they get from their bank.
According to Ciko Thomas, Group Managing Executive of Nedbank Retail and Business Banking, this strong improvement in perceived customer value reveals that Nedbank’s strategic focus on purpose-driven service excellence is adding real value to its clients.
“Nedbank’s service excellence strategy focuses on a carefully balanced combination of client centricity and digital enablement,” Thomas explains, “and this ensures quicker, easier, time-saving processes for clients’ day-to-day banking requirements, and a deeper focus on making real client connections when engaging with them on their more important or complex money matters.”
In a further testament to this approach, Nedbank Retail’s Net Promoter Score, a key measure of client satisfaction and loyalty, increased from 26% to 37%, which is the biggest improvement of any of the Nedbank Group Limited Internal Use Only banks included in the index. This consistent year-on-year improvement in NPS validate the bank’s significant investment over the past number of years into ensuring it consistently delivers on its strategic client experience commitment.
Thomas explains that Nedbank’s suite of innovative client solutions has been developed via a highly client centric approach that considers global best practices and prioritises delivery of the experiences that the bank understands its clients really want. He says the result of this outcomes-focused process has been a steady stream of innovative Nedbank solutions in recent months, all of which have been very well received by the bank’s clients. These include new features to the award-winning Nedbank MoneyApp, which is the most highly rated banking app by SA clients; customer value propositions such as Unlocked.Me, a compelling zero fee banking and lifestyle proposition for the youth, and MobiMoney, Nedbank’s free mobile bank account, to name but a few.
“We understand that client satisfaction goes beyond the mere delivery of exceptional products and solutions; which is why we support our comprehensive banking offering with a client-centric engagement philosophy founded on the Nedbank purpose to use our financial expertise to do good,” Thomas explains, “and this combination equates to the consistent delivery of impactful outcomes for our clients through meaningful connections and a full understanding of their needs”.