FNB’s digital boom

In delivering its results for the six months ending December 2012, FNB has reported a 29% rise in online banking customers year-on-year, to 1.5 million.

“We are pushing over 100 million transactions per month with R7 trillion in value per annum,” a spokesperson for the bank told BusinessTech of its online banking activity.

FNB, which forms part of listed financial services group, FirstRand, said on Tuesday (5 March) that its “deliberate strategy to electronic platform usage” is still drawing volumes with electronic transactions (online, card, mobile) up 20.4%, while manual transactions (cash, cheques, ATMs) declined 1.2%.

FNB’s total client base is put at around eight million.

“We will continue to see a strong consumer surge towards digital banking as they seek convenience and sharply reduced bank charges when compared to manual channels,” the bank said.

FNB said it drives a strategic shift towards digital channels via its smart devices and data offers.

CEO Michael Jordaan told BusinessTech that the bank has 364,511 devices paired with the FNB App, and he stressed that this did not just include downloads.

FNB mobile and rewards
FNB mobile and rewards (Click to enlarge)

He also noted that the value of FNB App transactions in last six months amounted to R9.2 billion, while roughly 140,000 devices had been sold since inception, and 130,000 by the end of December 2012, with the group selling just over 50,000 smart devices in the six month reporting period.

CEO Michael Jordaan tweeted the following on his personal Twitter account :

MJ results tweets
Michael Jordaan tweets

Also on Tuesday FNB announced that it has expanded its dotFNB branch footprint by opening a dotFNB store at Cavendish Square, the first of its kind in Cape Town.

The bank’s first dotFNB branch opened in April 2012, and five stores have since opened around South Africa – three in Johannesburg, one in Centurion, one in KZN and the latest store, in Cape Town.

Approximately 4,000 people visit each of the stores monthly, the group said.

 More on FNB

FNB online banking surges 27%

FNB banking app hits transactions landmark

“Appy” birthday, FNB

FNB App hits 40,000 monthly activations

South Africa’s banked population revealed

Must Read

Partner Content

Show comments

Trending Now

Follow Us

FNB’s digital boom