Nedbank's focus on doing good sees it also doing well in banking consumer rankings
Nedbank's achievement of top spot in the BrandsEye 2019 Banking Sentiment Index, is a direct result of the bank's unwavering determination to deliver on its dual commitment to put its clients at the heart of everything it does, and use its financial expertise to do good for individuals, families, businesses and society.
That's according to Khensani Nobanda, Group Executive Marketing and Corporate Affairs for Nedbank Group, who explains that the bank views its solid performance in the 2019 Banking Sentiment Index as validation of the hard work that it has put into delivering on its purpose to do good over the past two years and delivering exceptional client service. "Since we crystalised and formally stated our purpose to do good, we have constantly been emphasising our belief in the importance of being customer focused and purpose-driven," Nobanda says, "and this 2019 achievement of the number one ranking in the 2019 Banking Sentiment Index serves as confirmation that this belief in this value and importance of being purpose-driven is shared by our clients and, indeed, all South Africans."
The 2019 BrandsEye report, which was released on Monday 11 November, offered a detailed analysis of 1.9 million social media posts by SA banking consumers, and saw Nedbank rocketing up the banking sentiment rankings to find itself the highest ranked bank in 2019, the first time the bank has attained this prestigious top position.
The achievement follows on Nedbank's strong showing in the 2019 South African Customer Satisfaction Index (SA-csi), where Nedbank is now ranked second in customer satisfaction of the five full service banks. Nedbank showed the highest performance in Net Promoter Score (NPS) for the second year in a row, being the only bank to show a positive move from 2018 to 2019. The gap in NPS between Nedbank and leader Capitec has decreased from 38% in 2013 to 19.4% in 2019. The same survey also shows a significant increase of 4 index points in Nedbank’s complaints handling satisfaction index, with the bank now placed second in complaints resolution only to Capitec.
The fact that Nedbank also achieved second place in the Customer Experience category of the latest BrandsEye research confirms that the bank's focus on customer centricity continues to deliver positive results, for its clients and its business success and sustainability. Adds Ciko Thomas, Group Managing Executive, Nedbank Retail and Business Banking “Nedbank's strong performance in both these pieces of research are further testament to the effectiveness of our service excellence strategy which 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 important or complex money matters.”
Importantly, for Nedbank this value extends beyond mere price competitiveness. In fact, Thomas emphasises that a determination to add value to its clients, stakeholders, and broader society, is at the heart of Nedbank's vision as a bank and is considered far more important than merely competing with other banks purely on costs. "While Nedbank recognises the importance of offering all South Africans affordable banking services, particularly during challenging economic times," Thomas points out, "our focus will never be on being the cheapest bank, but rather on being the bank that adds the most value to its clients.”
Nobanda explains that it's this prioritisation of value over price that makes Nedbank's strong showing in the 2019 Banking Sentiment Index so important, particularly as the rankings include consideration of South Africans' perceptions of the ethics and governance of banks, and the good they are doing for society and the environment.
"Over the past year, sentiment towards a number of banks has been tainted by ethics- and governance-related issues. But Nedbank's absolute commitment to being values-based, and purpose driven has ensured that public perception of our bank has steadily improved amongst South African banking consumers," Nobanda concludes, "and as a bank that is striving to do good and contribute tangibly to sustainable development, we can think of no stronger endorsement than that."
This post and content was sponsored, provided and paid for by Nedbank.