A shift to digital banking is already happening, hastened by the pandemic
The team provides insight on the changing spending and savings patterns in entry-level banking in the past four months and what the FNB is doing to address to some of the challenges faced by customers. Potwana, whose Easy unit takes care of FNB’s clients with annual incomes of up to R120,000, says the crisis has left many of their customers with reduced incomes, and the bank has chosen to waive many of its transactions fees as a means of assistance.
FNB has had a reputation of being digitally focused for more than a decade. Potwana says the crisis will mark a fundamental shift in adoption of digital banking services with their app usage rising more than 20% since the lockdown began. SA tends to be a country of spenders not savers, which is one of the things made most apparent by the lockdown. Gwerengwe says consumers are likely be more savings-focused than spending-focused in the years to come as the scars of the pandemic crisis force many to consider having more reserves on hand for emergencies. the future of digital banking and the role of physical retail bank locations.
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