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JEREMY MAGGS: Old Mutual is broadening its footprint in the banking sector with the launch of OM Bank, a digital platform aimed at unifying banking, insurance, savings, and investment services into one cohesive ecosystem.
Yet, the banking market in South Africa is quite saturated. With consumers experiencing considerable financial pressure, trust alone may not be enough to draw them in. What distinctive advantages does OM Bank offer that is fairer and potentially more beneficial for everyday use?
I’m now joined by Ethel Nyembe, the chief product and innovation officer at OM Bank. Welcome, Ethel! It’s clear that South Africa has a plethora of banks. Is there a specific problem that OM Bank intends to address that others might have missed?
ETHEL NYEMBE: We believe the aspects you’ve highlighted are essential for OM Bank. Our trustworthiness stems from Old Mutual, an insurance provider with 180 years of credibility among South Africans.
At OM Bank, we prioritize a digital-first strategy while ensuring a human touch is never lost.
We aim to become a complete banking solution from the beginning.
This signifies that our ecosystem is readily accessible via our banking app, while also ensuring key representation nationwide, enabling you to visit any branch for face-to-face consultations.
If visiting isn’t an option, our app features a digital financial advisor named Themba, whom you can consult regarding your financial priorities.
Additionally, our call center can be reached through the app or directly over the phone if that is your preference.
We’re in an exciting phase where we’re not just focusing on individual products, but we’re committed to integrating ourselves into the financial habits and requirements of the various South Africans choosing OM Bank, aiding them in making smarter financial choices.
JEREMY MAGGS: When you talk about the end-to-end solution, how vital has that become for clients? Essentially, the demand for a holistic ecosystem that encompasses all facets of their financial life.
ETHEL NYEMBE: It’s incredibly significant, Jeremy. Presently, many customers, especially in the middle class, are grappling with rising expenses as inflation squeezes their income.
They are increasingly looking at how to save wisely and manage debts while handling everyday costs like food, transportation, utilities, purchasing airtime, and ensuring their insurance remains valid.
This is at the heart of our mission—creating a seamless experience that interlinks banking, insurance, investments, and daily essentials to effectively meet our customers’ needs.
Our customers can connect with us at any time through the app or whichever method suits them best, because when they thrive, we thrive.
JEREMY MAGGS: How essential is it to harness customer data effectively? I assume that doing so could address numerous challenges.
ETHEL NYEMBE: Utilizing customer data is vital as it helps us identify segments of customers with similar characteristics or behaviors.
This insight allows us to understand their needs better, enabling us to customize our services to enhance their lives.
We pride ourselves on our adeptness in leveraging data. Our platform is built on cloud technology and is equipped for the future.
Having access to customer insights is crucial for us, as it guarantees that our digital advisor, Themba, stays relevant and allows us to foresee customers’ needs.
We’ve incorporated various features that encourage customers to contemplate saving more. For instance, the “Pay Me First” option helps us align with their financial behaviors.
If you consistently buy airtime, we recognize recurring patterns and can suggest minor modifications to streamline your daily tasks.
The features we offer and our approach to data aim to meet customers where they are, supporting them without being patronizing, since it’s ultimately their finances.
JEREMY MAGGS: Ethel, as a concluding question, could you provide a short response? It’s interesting to note your emphasis on response times.
You also mentioned the heritage and trust associated with the Old Mutual brand, but I’m curious if that resonates with younger digital consumers today, who focus on speed and affordability?
ETHEL NYEMBE: At our essence, we are OM Bank, not Old Mutual Bank. We focus on the new generation by meeting them where they are, including digitizing the KYC process, which allows for account creation without cumbersome paperwork.
If receiving a physical card is essential, it can be collected later. However, within minutes of creating an account, you will be issued a virtual card.
We have recently partnered with Google Pay, enhancing our transaction capabilities.
Thus, I believe we are advancing the principles of Old Mutual’s 180-year legacy in ways that connect with the younger audience.
JEREMY MAGGS: Thank you, Ethel Nyembe, chief product and innovation officer at OM Bank.
Brought to you by OM Bank.
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