With its customer base’s high digital adoption rate, FNB’s CEO says it will maintain its digital investments, including mobile USSD.
Having established a large digitally-active customer base, big-four bank FNB will maintain its investment in digital channels, including mobile USSD.
“In our personal segment, one of the things is acquiring the customers digitally, but you’ve got to get them used to the digital channels. USSD still exists and we still invest in our USSD, which is for feature phones. “We want to service all our customers, but we want to service them much more digitally. The reason for this…is about how efficient it becomes for them. Digital is the most efficient for customers.”
USSD remains an integral part of Africa’s digital ecosystem, with reports indicating that nine in 10 mobile money transactions in Sub-Saharan Africa still flow through USSD. Introduced by the bank in 2009, e-wallet has advanced to become a “pocket of money” – beyond the function of cash withdrawals. Users can also pay for electricity and load data on their phones via their e-wallets.
Unlike its peers, which have closed many of their branches as more customers go digital, FNB has stood firm on the value-add of the traditional bank branch.
First National Bank Harry Kellan FNB Connect Firstrand Group Service Branches E-Wallets
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