FNB’s smart device deal a boost for digital banking

BY SUPPLIED - OCTOBER 29, 2014

Three years ago FNB launched its smart device deal, a first of its kind banking offer, which gives customers access to smart devices and enables them to bank digitally. Since inception FNB has sold over 250 000 devices, worth over R1 billion, with 90% of these devices using FNB’s digital banking channels.

“Digital banking is no longer something that we can refer to as the “future of banking”. With over 1 million active devices transacting on FNB’s Banking app alone, it is clear that this is the banking of now. However, we understand that in order for our customers to bank digitally they need access to the devices that enable this, which is what our smart device offer provides,” says Kartik Mistry, Head of FNB Smart Devices.

Device trends over the last three years show that tablets and smart phones are the most popular devices among FNB customers, with Apple iPads being the top seller followed by Samsung Galaxy smart phones. Overall, smartphones make up 42% of FNB’s overall sales with tablets making up 34%.

“With 76% of all device sales being smartphones and tablets, it proves that these are the modern day tools that have become essential in today’s world of instant access and on-the-go living,” says Mistry.

FNB has seen an 18% year-on-year growth in device sales, with 22% of customers choosing to own more than one device through the FNB Smart Device deal.  Ordering online is the way most people choose to purchase their device with 59% of people ordering online and 11% of customers choosing to do so at one of the bank’s dotFNB stores.

“We are encouraged at the growth rate we’ve seen to date as it not only proves that we made the right call to launch the offer in the first place but also that people have taken so keenly to banking digitally,” says Mistry.

“The last three years has also seen FNB’s smart device range expand from phones and tablets to include laptops, gaming consoles and televisions. “The popularity of the devices with customers has enabled us to expand our range and in turn pass the discounts that we get from our suppliers back to our customers,” adds Mistry.

“With continuous interest and growth of our smart device offer and digital banking, we will be able to offer more value, convenience and cost savings to our customers, reducing the dependency on cash, building on our digital ecosystem and digital lifestyle,” concludes Mistry.

Photo caption: Kartik Mistry, Head of FNB Smart Devices.