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Nedbank Partners with OpenSpace to Create Value for Clients
Nedbank Property Finance is the largest commercial property financier in South Africa. In August 2018, Nedbank Property Finance extended its capabilities and opened its doors to funding opportunities in key African markets outside of South Africa.
In 2019 and again in 2021, the financier was awarded the prestigious honor of Top Real Estate Bank in Africa, an accolade all the more impressive since Nedbank’s experienced teams were constrained by travel restrictions due to the global Covid-19 pandemic from 2020 on. These travel restrictions meant that funders were faced with difficulties when it came to development projects that required continuous monitoring and payments for work completed at construction sites. It was for projects like these that OpenSpace was first introduced to unlock crucial funding for clients when it mattered most.
The Nedbank journey with OpenSpace began by creating opportunities for four clients in three African countries—Kenya, Morocco, and Mauritius. OpenSpace enabled Nedbank to pay clients on time and seamlessly by viewing 360° photo documentation and proactively engaging with clients on costly change orders and potential delays. Clients saw the benefit of using OpenSpace immediately, and the ease of capturing 360° photo documentation by simply placing a camera on a hard hat solidified the partnership. This documentation gives collaborators anywhere in the world valuable information about their project in real time. Additionally, site progress tracking, enhanced site-office communication, time stamped images for recordkeeping, and the functionality of notes taken through OpenSpace’s Field Notes feature have improved management and reporting while saving time and money.
“OpenSpace is an incredible tool to monitor construction risks proactively,” says Genevieve Naidoo, Divisional Executive: Property Finance PM, Valuations & Sustainability Nedbank CIB. “Initially we were concerned about the additional cost of the platform as property development projects are sensitive to extra costs, but the benefits far outweigh the cost of the technology in terms of saving time for professional teams. Being able to pay our clients quicker creates a huge benefit for them in managing their cash flow cycles.”
Through Nedbank’s partnership with Openspace, clients who take up this solution can have their professional teams up and running on the app in less than an hour, with access to support teams to assist them with any queries on how to use it.
Given the benefits and ease of use, Nedbank plans to scale the use of OpenSpace across its entire portfolio, including in South Africa, where 25 sites are scheduled to use the app by the end of 2022.
To learn more about how OpenSpace helps Nedbank expedite payments, maintain project momentum, and provide value to clients, download the case study.