People choosing electronic over branch banking: FNB

FNB says that it has seen a steady decline in over-the-counter transactions at branches, as digital and electronic channels continue to gain popularity.

The bank announced that it has expanded its Automated Deposit Terminal (ADTs) footprint, following positive uptake of the system.

Demand for the terminals shows increased customer confidence in channelling their banking to electronic platforms, the bank said.

FNB first introduced ADTs three years ago, and has since doubled the number of terminals available across the country.

“We have seen a steady decline in over the counter deposits in branch, as our devices gain popularity,” the group said.

In its latest annual report, FNB noted a 15% increase in online banking transactions, and a massive 7% jump in banking through its app, and a further jump of 25% in mobile transactions.

ADTs recycle cash that has been deposited, and makes it available for dispensing and withdrawals.

In addition, ADT devices can perform cardless deposits which allow any banked or non-banked customer to make a deposit at the ADT without a card being present.

According to FNB, its ADT devices also offer other functionality, including cheque deposits, deposits into eWallet, transfers and payments, opening Savings and Investment Accounts and the option to apply for a loan.

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People choosing electronic over branch banking: FNB