Nedbank’s Freeze/Unfreeze function puts clients in full control of their card security

Ciko Thomas, Group Managing Executive for Retail and Business Banking at Nedbank.

Nedbank continues to offer its clients more features and benefits via its award-winning Nedbank Money™ App, with the latest being the ability to temporarily stop their cards using the Freeze/Unfreeze feature, giving its clients a whole new level of control over their card security.

The Freeze function disables all chip transactions, ATM withdrawals and online purchases on the selected card. However, it is not a permanent transactional block and, as such, does not require the client to apply for a new card. Rather, it is a temporary transaction disablement feature, which the cardholder can later instantly reverse via the Unfreeze option, thereby reinstating full functionality on the same card.

According to Ciko Thomas, Group Managing Executive for Retail and Business Banking at Nedbank, the Freeze/Unfreeze feature was developed in response to the need for this level of flexible card security control amongst the banks clients.

‘Many of our clients reported situations in which they had misplaced or lost their bank cards and had to block them - usually by having to phone a call centre - and reapply for new ones only to find them shortly afterwards. This led us to recognise the need for a digital functionality that allowed for temporary card disablement. If the card is definitely lost, they have the ability to block and reorder a new card immediately and choose to collect or have them delivered, by simply using the Nedbank Money™ App,’ Thomas explains. He points out that this unique capability of the Freeze/Unfreeze feature delivers a number of client benefits, not least of which are convenience, cost savings, and the peace of mind that comes with greater personal control over the security of every Nedbank card linked to the function.

Hot on the heels of this functionality, clients can look forward to a swathe of innovative features and solutions. These include the Nedbank Pay Me? feature that allows clients to request for a payment from another Nedbank client via sms, without the need to have their banking details; a converged Scan To Pay feature that can be used to scan Masterpass, SnapScan and Zapper QR codes at the point of payment, at any merchant that displays a QR code at the point of payment. It can also be used to pay utility bills, restaurant bills and online merchants that display a QR code at the point of payment, dispensing with the need to have multiple Apps.

The Nedbank Money™ App is undoubtedly the best known of the bank’s Digital Innovation Journey, which was comprehensively overhauled at the end of 2017. It offers clients an extensive range of transactional capabilities ranging from managing their accounts and debit orders, to making instant payments using Quick Pay, a South African first. Services functions include single view of all account balance to check assets and liabilities, stop payments, change of ATM limits and purchasing airtime, data and electricity for anyone on your cell phone contacts list. Because banking is personal, clients also have the ability to change the background of their Nedbank Money™ App to display an image of their liking through the App Personalisation feature, another way to put clients in control of their money.

‘The feature rich Nedbank Money™ App epitomises Nedbank’s commitment to a digital leadership strategy with an absolute focus on enhancing the client experience with ease of use and security,’ concludes Thomas.