FNB Going for Gold in Telco Banking Race

A strategic step from SIM card to device; the bank’s affordable smart phone offering extends its already successful mobile strategy

Truly mobile banking

The first bank in South Africa to run a mobile network now also offers its own branded smart phones to low end consumers for whom “every cent counts”. Easy access to its powerful digital platforms is such a priority at FNB that for just R59 per month a high quality smartphone in your pocket will not only provide truly mobile banking but also 15 minutes air time and 50MB of data. A higher spec phone with a full rebate for eBucks customers creates a digital win for all FNB customers in its ecosystem of lifestyle rewards, banking services and communications.

Last barrier removed

Over 400 000 people use FNB SIM cards to conveniently combine their banking and communications needs on the bank’s digital platforms. Voice, data and SMS solutions are available as well as customisable contracts for customers who want to configure time periods and services. Adding a high quality affordable device to the bank’s offerings was a natural step that removes the last barrier to “banking anywhere, any time” according to Jan Kleynhans, CEO FNB Consumer segment.

From popping in to logging in

Absolute convenience for consumers is also the result of a carefully managed process of migration from popping in to logging in; trained branch staff are on hand every step of the way to assist in the exciting journey for digital adopters. Phoning in to the bank’s call centres also won’t cost anything for FNB Connect customers who can now also take advantage of unlimited calls, both of these benefits putting extra money back in their wallets, next to their new FNB smart phone.

Banking leveraging fintech

Customers are increasingly demanding more convenience and control from their service providers and banking is rising to the challenge of fintech and non traditional players. Industries such as transport and accommodation are being disrupted by exponential technologies. Asset heavy processes are being dematerialised by frictionless, user-friendly mobile interfaces that puts control back in their hands. Now they can use an FNB phone across an FNB network to access their favourite services including FNB’s own world class banking platforms.

Servicing a digitised population

The race for digital disruption in South Africa is a win for consumers, of whom there will be 500 million with smart phones in their pockets by 2020 in Sub Saharan Africa. This digitised population is growing faster than in many developed economies, Uber’s research shows taxi requests in Pretoria grew faster in 3 years since it was launched than in San Francisco and other North American cities. Massmart is also refocusing its efforts on digitisation as global retail players like Alibaba and Amazon are winning on price through innovation in supply chains, asset-lite market places and tech-enabled customer convenience.

World firsts in sport and banking

South Africa’s 10 gold medals at the recent Olympics are well deserved accolades that demonstrate our resilience and innovation in world sport. Likewise, our banks have also achieved a number of world firsts in IT and innovation in the global industry, our chip and PIN cards, advanced ATMs and advanced anti-money laundering processes are good examples. The telco banking playoff in South Africa will continue to excite industry spectators but FNB’s latest value for money tie up across network, device and self-service platforms moves it firmly into the lead in the race for the customer-centric digital ecosystem.

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