Nedbank
SMALL BUSINESS ENABLEMENT AND SERVICING
Project breakdown and process
This project started out as a digital transformation move to get new and existing small business owners out of the physical branch and into the digital space. For the past two years we have been able to include more innovation and value adding work.
Pitchbook and desk research
As-is user journey tear down
Prototyping and user testing
Build and deploy
Enhance and add functions and features based on user needs
Innovate and compete with competitors in the market
Continuously innovate and refine security and compliance
Applying for a Small Business product
Goal
The Small Business Enablement project aimed to transform Nedbank's services for small business clients by reducing reliance on call centres and in-branch visits. Through a digital-first approach, the project streamlined onboarding and improved the customer experience. Over three years, a digital platform was developed to cater to the needs of small business and professional banking clients, enabling online applications for entities with multiple directors. This advancement positions Nedbank ahead of competitors and enhances onboarding efficiency while addressing current needs and paving the way for future developments in digital banking.
Visit the prototypes:
User Value
Small Business owners are now able to apply for banking products for their sole prop, partnership or private company via Nedbank’s website, online banking and app.
If the business has multiple directors they can apply online and the bank will send communications to the other directors telling them how to complete their portion of the process online as well. No need to try get all the directors together to go sit at the branch to deal with a banker. Now SME’s can apply when it suits them and does not interfere with their business hours.
Technology
For the first time, the bank was going to create a single set of credentials for each person to use to login to their online platforms. This was called Nedbank ID. It would allow one person, with one set of credentials, to access multiple banking profiles.
Interesting Insights
Data privacy has become a real concern for all types of clients. Businesses are run by human beings and they have concerns about who has access to their business’s financials. So we have developed extra layers of security to the application flow in order to maintain a high level of security and control even when there are multiple humans involved in the process.
Business Value
As a bank, Nedbank was far behind its competition in terms of digital transformation. The Small Medium and Micro Enterprises (SMME) segment was trying to adopt the new ways of banking online as the business felt that this segment of its client base should have access to the same digital experience as its retail base.
Our major job was the digital transformation of paper based, or manual banker assisted applications, to easy and fast self-assisted digital experiences.
Once that was achieved the team could focus on innovation work and start to enhance the digital experience, further negating the need for paperwork and in branch visits.
Servicing via Online Banking and App
Once a client has opened an account and is digitally active, they need to be able to do more than just transact on their banking platform. So we built in security features, quick access to multiple business profiles behind a single sign on, and user access management.
Context switching
Giving users the ability to quickly switch between multiple retail and business profiles behind a single sign-on (Nedbank ID).
While many existing users were reluctant to give up their multiple, triple factor log in details, the research done showed that a single sign-on with only two credentials (Username and password) was just as safe and effective.
Toolset of choice
Sketch
InVision
MIRO