HumanIPO reported yesterday on the all digital dotFNB branch initiative launched in Cape Town, providing a range of digital solutions considered to be the future of banking.
It seems the launch of the dotFNB branches was a matter of necessity, as Lee-Anne van Zyl, chief executive of FNB online banking told HumanIPO: “FNB has increased the number of online banking customers by 29 per cent year-on-year to 1.5 million active users.”
She added: “With a strong focus of migrating our customers to our digital banking platforms, this is a positive step for FNB to entrench our dominance in innovative digital banking channels.”
FNB reportedly has more than 3.38 million cellphone bankers in the country, which was recorded at the end of January this year.
“We also have 1.475 million FNB eWallets, representing a year-on-year growth of 63 per cent,” said Dione Sankar, head of cellphone banking and messaging
FNB has identified the 19 to 32 age group as the one utilising cellphone banking the most with 57 per cent. Following is the age group of 33 to 40 at 20 per cent, 41 to 60 is at 18 per cent.
The age groups utilising cellphone banking the least include 0-18 at three per cent and 61 plus, recorded at two per cent.
The FNB banking application, since its inception, has achieved more than 480,000 active users. The bank has recorded a year-on-year growth of approximately 300 per cent. The banking app has more than 600 per cent transactional value and volume and an additional 40,000 “active app users” per month.
Furthermore, in the past six months, FNB has recorded 9.2 billion transactions made through the application and the highest smartphone penetration rate is at 62 per cent within the age group of 25 to 34 years.
Farren Roper, head of FNB Connect ISP and business operations, said: “With the introduction of the FNB banking app, the retail bank app landscape in South Africa has changed. The FNB app created demand for apps in banking with most of our competitors having launched their own versions of an app, confirming the need for mobile app technology in the banking industry.
“The key to future success is not to be complacent and to continue to deliver firsts on the app platform which add value to our clients. We are pleased with our significant growth since launching the app and believe that this growth is proof that it is of benefit to our customers.”
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March 6, 2013 · by Brandon Gregory
FNB leads the way for digital banking in South Africa
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