JOHANNESBURG - When applying for credit to help you with your needs, the process remains thorough and in-depth, “even though it’s no longer necessary to fill in reams of paper and provide a lot of documentation,” says Emma Mer, the chief executive of FNB Personal Loans. 

“Thanks to digitisation, we are moving beyond a time when applying for a personal loan requires customers to stand in a queue during office hours and provide documentation and paperwork. Digital capability has improved efficiency in credit extension because, if a client banks with FNB, we are able to perform in-depth affordability assessments and make a decision based on the customer’s credit history, debt exposure, income and expenses,” explains Mer. 

An increasing number of customers use digital banking, either via a mobile phone or a computer. In the FNB customer universe, app usage volumes increased in the last financial year by 65% across the user base. 

“The high levels of mobile phone penetration in South Africa, and our focus to improve the experience of our customers, have made digitising the extension of credit a key focus area for FNB,” adds Mer. 

Supplied / PERSONAL FINANCE