Young or old – who is using cellphone banking?
Internal research conducted by banker, FNB finds that its cellphone banking service attracts consumers as young as 12 and as old as 70 to its mobile banking services.
While FNB recorded a wide range of ages using the service, the majority of cellphone banking customers were between 19 and 40 – accounting for 75% of users.
- 2% are younger than 18;
- 75% are between the ages of 19 and 40;
- 20% are between 41 and 60;
- 3% are over 61.
According to the bank, the most popular transactions made by consumers are prepaid purchases and balance enquiries. This is a common trend amongst all age groups.
“Most of our customers now use the service to purchase prepaid products. We are also seeing an increased number of customers using the service to make mobile payments,” noted CEO of FNB Cellphone Banking, Ravesh Ramlakan.
FNB noted that, while prepaid and balance queries were the most popular, the service was also seeing a rise in mobile payments, and customers making cardless cash withdrawals at ATMs using cellphones.
In the past 3 years, FNB noted an increase of cellphone banking customers to 4 million, from 1 million recorded previously. Transactions amount to R2 billion monthly, and the mobi site receives approximately 700,000 visitors a month.
“Having consumers of all ages using the service confirms that Cellphone Banking caters for everyone,” concluded Ramlakan.
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