FNB sets the digital pace
Digital banking is set to change the way customers interact with their banks by 2015.
This is according to a report released by consultancy PricewaterhouseCoopers, titled The New Digital Age Tipping Point.
The report says many banks have been slow to respond to digital innovations that have radically changed the face of banking models.
"In the South African environment, FNB is the front runner in the digital space compared to the other banks. They are six to 12 months ahead of the other South African banks and also probably many international ones," says Arthur Goldstuck, MD of business technology research company World Wide Worx.
The South African digital banking environment is very different from those of Europe and North America. Despite customers welcoming the digital offering, many banks are still providing traditional mobile and Internet banking services.
FNB reports that its digital arm has created a strong social media platform and has also launched a range of innovative apps for advanced mobile devices, smartphones and tablets. To date FNB App has amassed more than 130000 active clients and more than R2,5bn in transactional value. It has also been the consistent number one most downloaded App in the Apple App store (free Finance Apps).
Lana Strydom, head of FNB Digital Marketing and Media, says "FNB's move to digital has been welcomed by many customers. Our innovative products and solutions cater for all ends of the market while we have maintained and improved our traditional banking channels for those not keen, or able, to use a digital offering yet".
The Online Banking platform still continues to do well with approximately 25000 online banking users registering monthly and one million active online customers.
"Over the past year we have processed more than R6.1trillion in transaction value. In terms of new platforms, FNB Online is providing additional services outside of the traditional banking sphere such as prepaid, Lotto, rewards management, Paypal and share trading," says Lee-Anne Van Zyl, CEO of FNB Online. - I-Net Bridge