Digital financial services are where banks are heading because of internet banking, cellphone banking and banking apps. Photo: File
DURBAN - The CEO for FNB Consumer segment, Dr Christoph Nieuwoudt, said that digital progress is unavoidable and has made a significant difference in FNB banking.

Last year, out of the 10 billion FNB bank interactions, 85% of the interactions were done via digital channels and the rest were on a face to face basis, ATM transactions, card sales or online purchases.

Nieuwoudt said that customer interactions have tripled since 2010. The customer interactions are growing at more than 20% annually based on the digital channels growth. Customers that walk into bank branches are making substantial use of the in-branch digital zones.

The growth and change to digital channels can be attributed to the FNB app, online banking and cellphone banking offering a variety of services like loans, overdrafts and insurance. Banks like Nedbank, Absa and Standard Bank also offer banking apps where customers can take advantage of services like buying airtime. making payments and transfers quickly or managing car limits.

These banks also offer services like online banking, internaet banking and cellphone banking. With technology impacting the banks, Nieuwoudt said that bank branches will not be closing, but rather they are important because people will be going to banks to interact with consultants that will help them with banking digitally.

Technology is also been useful in decreasing fraud loss rates fr card and digital transactions. Nieuwoudt said that financial services players that accept technology and data analytical capabilities in a customer-centric man, can and should benefit from the digital revolution.