Cellphone success a banking breakthrough
Banking group First National Bank (FNB) last week became the first bank to pass the two million customer milestone in the cellphone banking sector.
This achievement makes the bank the leader in the South African cellphone banking sector.
It also sees FNB surpassing competitor Absa, which reached the one million mark last year.
FNB Cellphone Banking Solutions CEO Ravesh Ramlakan says it is a clear indication of growth and of where the bank's future lies.
A few years ago, says Ramlakan, only few people used the cellphone banking service, but today it is proving to be a great success.
He attributes its success to an ability to anticipate the right technology at the right time for customers.
“With the launch of FNB's menu-based cellphone banking offering in 2005, customers with any cellphone and on any network could access the service with no download or configuration required,” he says.
“This milestone also shows that cellphone banking is safe and is gaining in popularity.
“We are constantly innovating and developing our technology to ensure that we add value to our customer base.
“So, registering two million customers serves as an indication that customers are comfortable with FNB services around security,” Ramlakan says.
Meanwhile, FNB CEO Michael Jordaan says the milestone represents FNB's commitment to helping customers.
“When we launched FNB Cellphone Banking five years ago we did so with our customers in mind - we wanted to develop a solution that would make banking more accessible, affordable and convenient,” says Jordaan.
"This achievement is evidence of our goal to deliver an innovative solution to banking in a cost effective way.
“When FNB introduced cellphone banking in the market, this meant that our customers got to save on bank fees; did not have to pay transport costs or travel long distances to make payments, check account balances or send money.
“The evolution of cellphone banking has made it possible for our customers to easily and safely send money to loved ones back home - this means they no longer have to use informal and expensive methods of sending money,” he says.
Cellphone banking makes life better for all, with customers from both urban and rural areas using the service.
Over 65% of registered customers earn less than R100000 a year and fall within the 19 - 40 age group.
Source: Sunday World
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