Digital Banking has not only opened access to a wider array of banking products for customers across different demographics, it also gives them full control of their banking.
Khathu Ramoliko, head of gold at FNB, says: “Over the last 12 months, we have noted that 83% of our Gold accountholders are actively using digital banking, and App uptake in this group has increased by 6%.
This is primarily because digital banking platforms have evolved, they offer customer various functionalities which incorporate lifestyle value-add services, and this has rendered them a lot more robust and multi-functional in meeting more customer needs than before.
“An example of this would be the ability to make pre-paid purchases such as airtime, data and electricity. These types of services expand the digital banking platform beyond just the basic banking functionalities.”
Lynnette Kloppers, CEO of FNB Premier, says: “Similarly, Premier banking customers have a healthy appetite for transacting digitally, and this is primarily because of the useful innovations we have consistently introduced across our digital platforms.
This year alone, on average app uptake among Premier accountholders surged to 68%, while App usage is at a steady 54% and online usage has ticked up to 34%.”
According to FNB, when used wisely, digital banking can help customers save on banking related costs because it gives the them options and it’s an interface through which consumers can manage and track their finances from anywhere and at any time.
Additionally, consumers that hold an account with the bank have the option to receive statements electronically instead of via post while card activations, cancellations and renewals can also be done digitally without having to visit a branch.
In terms of fraud prevention, the bank’s app has multiple security layers such as the Smart In contact which is an app-based transaction approval tool to mitigate the risk of fraud.
“Money management is another component that has since been streamlined into the bank’s digital platforms with pre-approved offers and nav>>MONEY, the money management tool. These types of capabilities are useful for customers because they can immediately see if their financial position,” Ramoliko adds.