South Africa: 85% of 10bn Banking Interactions Done Digitally

Print
 
Oct 2017
South Africa, October, 23 2017 - Last year, out of the 10 billion FNB bank interactions, 85% of the interactions were done via digital channels and the rest were on a face to face basis, ATM transactions, card sales or online purchases.

The CEO for FNB Consumer segment, Dr Christoph Nieuwoudt, said that digital progress is unavoidable and has made a significant difference in FNB banking.

Last year, out of the 10 billion FNB bank interactions, 85% of the interactions were done via digital channels and the rest were on a face to face basis, ATM transactions, card sales or online purchases.

Nieuwoudt said that customer interactions have tripled since 2010. The customer interactions are growing at more than 20% annually based on the digital channels growth. Customers that walk into bank branches are making substantial use of the in-branch digital zones.

The growth and change to digital channels can be attributed to the FNB app, online banking and cellphone banking offering a variety of services like loans, overdrafts and insurance. Banks like Nedbank, Absa and Standard Bank also offer banking apps where customers can take advantage of services like buying airtime. making payments and transfers quickly or managing car limits.

These banks also offer services like online banking, internaet banking and cellphone banking. With technology impacting the banks, Nieuwoudt said that bank branches will not be closing, but rather they are important because people will be going to banks to interact with consultants that will help them with banking digitally.

Technology is also been useful in decreasing fraud loss rates fr card and digital transactions. Nieuwoudt said that financial services players that accept technology and data analytical capabilities in a customer-centric man, can and should benefit from the digital revolution.



Source : Business Report
 

Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More