As the world embraces the shift towards ecommerce and the platform economy, the client experience has emerged as a crucial factor that sets financial institutions apart. Those who prioritise and even obsess over the client experience will thrive in the market by attracting and retaining customers and building sustainable businesses.
Ensuring a remarkable client experience goes beyond merely offering great service; it entails understanding and meeting clients' needs and expectations throughout their journey with the institution. At Nedbank, we are fervently dedicated to enhancing our client experience through digital channels, ensuring that our services are fast, straightforward, and effortless. Our goal is to seamlessly integrate the experience into our clients' way of life and lifestyle, delivering engaging interactions that align with their objectives. However, we recognise that while client experience is pivotal, the quality of the product, its features, and benefits also play essential roles.
Innovation is no longer the domain of new entrants like fintechs; our clients demand innovation from us to cater to their evolving financial activities, whether it's making payments, transferring funds, accessing bank statements, or applying for loans and credit cards. Clients expect seamless and convenient processes without the need to visit a branch or leave their homes. Therefore, access to comprehensive banking portals has become a critical requirement.
A prime example of our commitment to seamless client experiences is our first-to-market digital platform, Avo, which enables businesses to create an online storefront for their goods and services. Through this platform, clients can shop across various price points, select their desired products, and make purchases with integrated payment methods. Our app also plays a pivotal role, providing clients with a unified view of their transaction history, banking profile, investment options, and the ability to create saving pockets — all in one place.
In the context of Nedbank Commercial Banking, we have recently introduced a business-to-business platform within the Avo app, facilitating trade between businesses and suppliers with secure payment systems in place. This revolutionary super app expands suppliers' reach and empowers them to negotiate rates and prices with buyers effectively. We also offer working capital financing to buyers, enabling them to manage their cash flow efficiently and facilitate access to different markets — all within a single platform.
While the platform economy presents numerous opportunities, it also exposes businesses to growing threats of fraud and cyber attacks. Thus, companies must allocate more time and resources to plan and safeguard against cybersecurity threats. We have seen a significant increase in cyber attacks, which is why we stress that cybersecurity should be viewed as an investment rather than a mere cost. A robust cybersecurity approach builds trust with clients, fostering loyalty, repeat visits, and increased revenue.
To stay ahead of emerging cybersecurity threats, businesses must keep abreast of the latest protocols and hacker tactics. It is advisable to consider outsourcing to cybersecurity specialists to ensure the platform's security. Limiting the collection of unnecessary information is another key strategy, as less data means there is less to protect and fewer risks.
The COVID-19 pandemic might have accelerated the shift to online shopping, but it has also raised concerns about cybersecurity among consumers. To instill confidence in their visitors, businesses must create touchpoints that foster rapport and trust. This includes maintaining a fully updated “Contact Us” page and establishing a secure payment ecosystem.
By relentlessly prioritising client experience and proactively addressing cybersecurity concerns, businesses can successfully navigate the platform economy, providing seamless, safe, and satisfying experiences for their clients. DM/BM