JOHANNESBURG — While competition in digital offerings in the South African banking space has heated up in recent years, FNB is still managing to keep itself ahead of the pack. Just this week, the bank launched what looks like a groundbreaking innovation: you can now open a bank account with just the use of a selfie. FNB says the identify verification is then done through home affairs. This feat is both a credit to FNB and the Department of Home Affairs (which has come a long way in recent years by also partnering with banks to speed up ID and passport applications). – Gareth van Zyl
Press release from FNB:
FNB continues to be a leader in banking innovation through the launch of customer centric digital solutions to address the ever-changing needs of consumers.
In a first for South Africa, consumers and businesses will now be able to open an account with FNB in minutes by simply taking a selfie through the FNB App.
Additional innovations include the launch of eBucks Travel on the FNB App which incorporates a fully-fledged travel offering, nav» Money, a digital money management solution that helps customers improve their financial health daily and Credit Card functionality that allows customers to courier and track card delivery on the FNB App.
FNB CEO, Jacques Celliers says, “Today marks a significant milestone in our 180-year history as we move beyond being a digital innovator to a broader contextual platform disruptor. It is through this contextually helpful platform that we can offer holistic financial solutions and become a trusted partner to the broader society. This will enable us to help create a better world for years to come.”
“Our focus is on developing a strong customer-centric integrated financial services offering which is underpinned by digitisation. We have invested substantially to introduce helpful digital innovations that move beyond just banking, but enhance customers lives by helping consumers to help themselves,” says Raj Makanjee, FNB Retail CEO.
“Furthermore, our main bank relationships with customers and ability to understand their needs and circumstances, enables us to deliver industry changing innovations that prioritise helpful banking and remove friction to create seamless, safe and market leading banking solutions,” says Makanjee.
Key to the ongoing development of helpful innovations has been the success of the bank’s digital migration strategy with financial transactions and app usage up 10% and 66% respectively, for its half year results to December 2017.
This allows frictionless onboarding through biometric facial verification on the FNB App for both consumers and business owners. Consumers can now switch with a selfie and open an account within minutes, with identity verification done through the Department of Home Affairs.
They will also be able to order and schedule courier delivery of new bank cards, switch debit orders, and setup digital banking immediately.
nav» Money is positioned to help customers bring their money to life. Every morning a customer can access an updated view of their financial health based on three simple views;
- Track my spend – this feature lets consumers know whether they are spending more than they are earning and provides spends tips to manage their cash flow better
- My available funds – lets consumers know what’s left to save and spend after all known upcoming payments. We take all your scheduled payments and debit orders into consideration. And if you are experiencing a shortfall, you can access other funds available like eBucks, savings, and credit – all in one useful place.
- My credit status – FNB assess various data, including internal information and credit bureau info, to rate a customer’s credit fitness across seven helpful indicators. Know exactly what you’re doing right, and where you could improve, with personalized tips on late payments, credit limit usage, your track record and more.
nav» Money is available on the FNB App.
eBucks Travel incorporates a fully-fledged travel offering with functionality that speaks directly to FNB customers’ travel needs. From booking a flight, hiring a car to airport transfers with Avis P2P and access to the Slow Lounge, FNB customers enjoy convenience, peace of mind and so much more.
- Navigate with Ease – Compare flights across multiple airlines and pay using eBucks, your FNB Card or a combination of both.
- Enjoy Convenience – Create profiles for friends and family you often travel with and never have to enter their details again. Main members can book discounted flights for family without having to travel with them. An FNB customer registered with the eBucks Rewards Programme can get up to 40% discounts on periodically alternating flights on both local and international airlines.
- Experience Peace of Mind – Make seamless, secure payments without the need to enter card details or a one-time pin (OTP) through FNB Pay on the FNBBanking App, minimising the risk of phishing and offering yet another trusted way to make online payments.
eBucks Travel is available via www.ebucks.com on Mobile or Desktop, FNB Online Banking and will soon be coming to the FNB App.
As part of an ongoing strategy of personalising rewards based on a customer’s unique banking behaviour, eBucks Rewards will launch FNB Offers, an instant rewards programme designed to surprise and delight members with instantly redeemable eBucks or discounted partner vouchers for performing every day banking tasks.
The launch of these helpful innovations follows the recent launch of eWallet eXtra, a mobile bank account that allows unbanked and underbanked South African consumers to use a feature phone or a smartphone to open a bank account without ever walking into a branch.
FNB also introduced a mini-ATM that uses biometrics as a means of validation for consumers.
“Through our leadership position in innovative banking, and consistent pioneering of solutions that prioritise helpful banking, FNB continues to make strides towards becoming a trusted money manager amongst consumers. As a result, all current and future innovations are conceptualised with the customer in mind,” concludes Makanjee.