How Nedbank is evolving into a digital bank

Cloud is a key part of modernisation, as all banks are finding out.

07 April 2022

Banks are often perceived as being slow-moving, conservative and risk-averse, and there are a couple of good reasons for this. Other than the fact that they’re dealing with your money, and one expects all due care and diligence to be taken, their systems have to be extremely resilient. While service outages are common, the reasons behind the downtime are seldom spelled out. Against this backdrop, banks must be seen to be delivering new services.

Nedbank is one of the country’s ‘ big four’ banks, and has about eight million customers. It reported its 2021 results in March and said headline earnings were at R11.6 billion, up 114.9%. It’s also been able to reduce operational costs, with an 8% reduction in permanent staff to 26 861, and decreased the number of branches from 549 to 538.

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