First National Bank (FNB) says it has sold more than 250,000 digital devices, worth over R1 billion, since it introduced a service enabling clients to purchase mobile phones and tablets through the bank three years ago.
It said that 90% of these devices use FNB’s digital banking channels.
“Digital banking is no longer something that we can refer to as the “future of banking”. With over 1 million active devices transacting on FNB’s Banking app alone, it is clear that this is the banking of now,” said Kartik Mistry, head of FNB Smart Devices.
Device trends over the last three years show that tablets and smart phones are the most popular devices among FNB customers, with Apple iPads being the top seller, followed by Samsung Galaxy smart phones.
Overall, smartphones make up 42% of FNB’s sales with tablets making up 34%, the bank said.
“With 76% of all device sales being smartphones and tablets, it proves that these are the modern day tools that have become essential in today’s world of instant access and on-the-go living,” said Mistry.
FNB said it has seen an 18% year-on-year growth in device sales, with 22% of customers choosing to own more than one device through the FNB Smart Device deal.
Ordering online is the way most people choose to purchase their device with 59% of people ordering online and 11% of customers choosing to do so at one of the bank’s dotFNB stores, it said.
“We are encouraged at the growth rate we’ve seen to date as it not only proves that we made the right call to launch the offer in the first place but also that people have taken so keenly to banking digitally,” said Mistry.