The ongoing digital transformation has sparked several trends that have influenced the way Nedbank Namibia’s Corporate and Investing Banking (CIB) division revolutionises its solutions for businesses, corporations, and other large entities.
CIB recognises the pivotal role of technology in transforming transactional banking services to enhance the overall client experience.
“The fascinating way transactional banking continues to evolve day by day is by leveraging technology for enhanced efficiency, risk management, and client services,” says Reginald Obaking, Nedbank Namibia’s Head of Transactional Banking, which falls under the CIB department.
Obaking joined CIB in December 2023 and is on board with the bank’s vision of making the transactional banking segment a trusted partner that offers innovative solutions, personalised services, and a commitment to excellence.
According to Obaking, the prospect of leading transformative initiatives and crafting solutions that not only meet current demands but also anticipate and meet future trends is exciting.
He notes the following trends and innovations, which Nedbank has adopted, as currently shaping the global landscape of transactional banking:
By the middle of 2023, Nedbank Namibia’s interim results revealed that 60% of its clients were digitally active compared to 46% at the same time the previous year, showing a steady move into a more digital world.
According to Obaking, amid the digital shift, the goal at Nedbank Namibia remains the same – to provide world-class financial services and innovative digital solutions.
Consequently several technological advancements have been adopted by Nedbank Namibia to mitigate the risk of cybersecurity threats for clients.
Furthermore, multi-factor authentication (MFA) requires users to provide multiple forms of identification to access their accounts or authorise transactions.
Having secure access controls in place limits who can access sensitive systems and data, and assigning roles and responsibilities to specific users minimises risk and threats.
Optimising and implementing the use of AI and ML, which can quickly detect threats and suspicious activities, has become an important way of protecting sensitive data at Nedbank Namibia.
“Most importantly, education and awareness programmes for clients regarding safe online practices also play a crucial role in enhancing overall security in transactional banking,” Obaking states.
Obaking further points out that stainability remains a priority for transactional banking as Nedbankers are money experts who do good to bank on a greener future.
With a growing trend towards eco-friendly projects in the region and globally, Obaking notes the importance of CIB positioning itself to be involved in the financing and structuring of initiatives related to renewable energy.
The division plays a crucial role in supporting the efforts of enterprises working to go green, as well as supporting these businesses in their decision-making with environmentally friendly business strategies.
By incorporating environmental, social, and governance (ESG) considerations, Nedbank Namibia supports sustainable development and social progress with green bonds (debt security issued for green initiatives), as well as sustainable trade finance solutions and ESG-related transactional services.
In his role at Nedbank Namibia, Obaking is motivated and inspired by the opportunity to drive meaningful change and innovation in the financial sector.
“I look forward to steering Nedbank Namibia’s transactional banking segment toward a future characterised by innovation, client-centricity, and sustained success,” he says.
In the photo: Reginald Obaking, Nedbank Namibia’s Head of Transactional Banking.
