FNB’s huge digital growth

Banking group FNB says it has 750,000 active users on its FNB Banking App with volumes up 100%.

FNB’s parent company, First Rand announced its financial results for the interim period ended December 2013, on Tuesday (4 March).

The group stated that as at 31 December 2013, it had over 720,000 active users, which has since increased to 750,000 in early 2014.

Answering questions relating to FNB’s digital footprint, Sahil Mungar, head of sales and marketing, FNB Mobile and Connect, told BusinessTech: “FNB has sold over 200,000 smart devices since the launch of the smart device offer in 2011.”

In terms of the transaction value processed via the App, as at 31 December 2013, FNB had processed over R40.5 billion in transaction value since inception.

The bank provided a breakdown of its digital banking users, as at 31 December 2013. It pointed out that these numbers cannot be tallied up as customers use these channels interchangeably.

  • FNB Online 1.29 million active users;
  • FNB Banking App 750,000 active users in SA;
  • FNB Cellphone Banking 3.6 million users in SA.

FNB said that electronic transactions were up 15% over the reporting period, while manual transactions were down 4%.

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FNB’s huge digital growth