The key to banking value: Accessible benefits that encourage positive financial behaviour
In recent years, ‘value’ has become a buzzword in banking circles across the globe and many banks are searching for innovative ways to deliver meaningful value to their clients. Against this backdrop, Nedbank Premium Banking is setting a new standard by prioritising accessible value and promoting positive money management behaviour to empower clients to achieve financial security and success.
‘At Nedbank Premium Banking, we believe that value should be more than just a promise; it should be a reality that our clients can easily access and benefit from,’ says Mutsa Chironga, Managing Executive: Nedbank Consumer Banking. ‘That’s why we have designed our offering to not only provide substantial value but also make it easy for Nedbank Premium Banking clients to unlock that value in full – and develop healthy financial habits.’
Central to the approach of Nedbank Premium Banking is the innovative MiGoals Premium Account, which has been independently recognised by the Solidarity Research Institute (SRI) as providing the best value-for-money packaged banking services for mid-to-high-income clients. The account, priced at just R240 per month, offers an extensive array of services tailored to the unique lifestyles and needs of individuals, families, seniors and young graduates.
However, Chironga emphasises that the Nedbank Premium Banking approach to creating value extends beyond transactional capabilities. ‘Our client-centred approach is engineered to help our clients maximise their money and achieve their financial goals and aspirations,’ he explains. ‘From free withdrawals and deposits to domestic airport lounge visits, discounted flights and competitive home loan benefits – our focus remains on providing value that matters to each client.’
Nedbank Premium Banking’s commitment to accessible value is exemplified by the access they have to the generous Greenbacks programme, which offers clients up to 2% cash back on all payments via their Nedbank American Express® Cards. Rather than making this 2% cashback reward difficult to achieve, the bank guides clients through a series of simple money management practices to help them quickly achieve and maintain the maximum monthly cash back. These practices include:
having their salary paid into their Nedbank account to ensure they enjoy the best possible rates;
banking conveniently and cost-effectively using the Nedbank Money app;
saving consistently by paying with a debit or credit card instead of risky and expensive cash;
staying up to date with loan and credit repayments; and
having reliable insurance to protect themselves and their loved ones, as well as assets.
‘By tying rewards to actions that promote financial well-being, we are helping our clients develop healthier financial habits as financial experts who do good,’ Chironga explained. ‘This, in turn, adds value to their lives and finances – even if it is not always directly linked to tangible financial gain. We believe that this is the ultimate value anyone can get from their bank.’
Chironga concludes: ‘As the financial landscape continues to evolve, Nedbank Premium Banking remains committed to leading the way in accessible value and positive money management. By simplifying the rewards processes and tying those rewards to healthy financial habits, and by offering tailored solutions, we believe we are setting the standard for value-driven banking in South Africa and beyond.’