Share

COVID-19 FORCED PEOPLE TO GO DIGITAL!

accreditation
Mavis Baase says she first learnt how to use a banking App after Covid -19.
Mavis Baase says she first learnt how to use a banking App after Covid -19.

NEDBANK says that the advent of the Covid-19 pandemic has had a major influence on consumer banking behaviour, coupled with the effects of pressure on incomes.

The bank’s managing executive, Mutsa Chironga, said this during a Live Webinar this week, where leading executives and industry thought leaders analysed the economic impact of the pandemic and the consequent shift in consumer banking behaviour.

READ: EX-SOCCER STAR'S A MAN TO INSTALL YOUR DISH

Chironga said that as early as April, Nedbank noted a significant decline in spending based on card swipes, compared to the same period last year

In April, he said, it was noted that the number of card swipes at Nedbank point-of-sale terminals fell to 51% of March volumes as the initial impact of Covid-19 hit the economy. However, by June, the numbers had risen again to 92% of March volumes.

Chironga said the market has seen a remarkable shift towards digital ways of banking, with consumers preferring to use mobile/digital platforms for banking as opposed to visiting a branch. Branch visits halved in April this year to 53% of footfall traffic experienced in March this year.

“Nedbank was quick in the provision of debt relief assistance following the Covid-19 outbreak, coupled with the introduction of digital banking solutions, such as tap-on-phone and scan-to-park, as well as a super app in the form of the Avo digital mall,” said Chironga.

Mavis Baase (59) from Ramatlhabama Village, North West, said that she used to do all her banking by going to the branch, but now the movement restrictions brought about by the outbreak of the Covid-19 pandemic has made him adopt other ways of doing things, such as using her cellphone to make transactions including purchasing goods and services like electricity, airtime and data.

“Last time I paid my electricity bill sitting at home. It was unusual for me, but it was nice,” she said.

ALSO READ: 'I WANT R1 MILLION FOR MY INJURIES!'

Wisdom Matsheka (45) from Mahikeng, also in the North West, said the new normal has also influenced him to find alternative ways of making payments and receiving money. Before March this year, most of his transactions were carried out using cast, which meant that he would constantly have to go to the ATMs and need to visit branches to deposit money. Now he said that using his phone to do most of his payments and cash acceptance has made his life easier even during a difficult period.

“My son helped me make payment just by using a cellphone. It’s time saving and fast,” he said.

Get the best in Soccer, News and Lifestyle content with SNL24 PLUS
For 14 free days, you can have access to the best from Soccer Laduma, KickOff, Daily Sun, TrueLove and Drum. Thereafter you will be billed R29 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe to SNL24 PLUS
heading
description
username
Show Comments ()
Voting Booth
What do you value most personally?
Please select an option Oops! Something went wrong, please try again later.
Results
Earning tons of money
24% - 5 votes
Career Progression
5% - 1 votes
Work-Life balance
71% - 15 votes
Vote
Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make dailysun.co.za even better!

Learn more
Do you have a story for the People’s Paper?

Click below to contact our news desk and share your story with SunLand!

Let's do it!