The report says that many banks have been slow to respond to digital innovations that have radically changed the face of banking models. Arthur Goldstuck, MD of the World Wide Worx said, "In the South African environment, FNB is the front runner in the digital space compared to the other banks. It is 6-12 months ahead of the other South African banks and also probably many international ones."
The South African digital banking environment is very different from those of Europe and North America. Despite customers willing to be part of the digital offering, many banks are still providing traditional mobile and internet banking services.
FNB's digital arm has created a strong social media platform and has launched a range of innovative apps for advanced mobile devices, smartphones and tablets. To date, its App has amassed more than 130 000 active clients and more than R2.5 billion in transactional value. It has also been the consistent number 1 most downloaded App in the Apple App store (free Finance Apps).
Lana Strydom, head of FNB digital marketing and media says, "The bank's move to digital has been welcomed by many customers. Its innovative products and solutions cater for all ends of the market but it has also maintained and improved its traditional banking channels for those who are not keen, or able, to use a digital offering yet."
"Our social media offering allows for a unique one-on-one communication process and at the same time allows for easy access to expert views, product information and is a fully operational customer service channel," concludes Strydom.
