The value of providing trusted and easy to use contextual financial solutions on platform was once again confirmed at the end of 2020 when FNB and RMB took home the award for the Best Foreign Exchange (FX) Provider in South Africa, for the 5th year in a row.
FNB Foreign Exchange related activity has over the years shown significant growth, especially with payments that originate on digital platforms.
As at June 2020, overall FX transactions by individual customers using digital channels like the FNB App and Online Banking increased by 90%.
According to FNB CEO, Jacques Celliers, “The world in which we live, work and transact is transforming at an eye-watering pace, driven by access to massive amounts of data, rapidly evolving technology, and digitally enabled customers.
This is creating a step-change in the expectations of banking customers, who increasingly demand instant access to products and services that simplify complex transactions while adding tangible value to their lives.
We know that foreign exchange transactions can be quite daunting for many people and businesses,” Celliers says, “and we’re also aware that banks and other FX providers have been guilty of adding to these fears in the past by making FX transactions complicated, jargon-filled and unappealing experiences.”
He says that FNB’s current leadership in the FX space is a direct result of the bank’s decision to change this paradigm and work to make all processes and transactions involving foreign currencies simple, easy and uncomplicated for both individuals and businesses.
He says that this commitment has extended across all FX solutions offered by the bank, from straightforward purchases of currency for travel purposes to non-resident money management, offshore investments, global payments and import and export trade transactions.
“Our significant investment into constantly integrating advanced technology into our platform-based business has allowed us to transform the FX landscape and, more importantly, the FX experience of all our individual and business clients in recent years,” Celliers says, “effectively empowering those clients to meet their currency needs, optimise their personal or business cashflows, and mitigate their risks, anywhere in the world.”
This article was published in partnership with FNB.