FNB’s Banking App, first launched in July 2011, is now active on more than 1-million smart devices.
“This milestone is testament to the progressive nature of South Africans and their choice to bank digitally, which adds value to their lives via convenience and simplicity,” says Giuseppe Virgillito, FNB Digital Banking.
Usage trends over the last three years show that the most popular transactions on the FNB Banking App are payments, account transfers and prepaid products. Other interesting transactions that show popularity are Send Money, LOTTO & Powerball, Geo Payments, iTunes gift codes, and card services such as cancellations, upgrades and ordering of new cards.
“With payments, transfers and prepaid purchases being the top three transactions on the App it indicates that our digital banking customers prefer the option of on-the-go banking that allows them immediate access to their everyday banking transactions,” says Virgillito.
On average the Banking App customer base logs in to the app 15 times per month, with a significant portion of customers logging in more than 40 times a month.
An analysis of the App customer base shows these trends:
* 59% are Millennials (aged 14-34);
* 36% are Generation X (aged 35-53);
* 5% are Baby Boomers (aged 54-71);
* Millennials account for approximately 60% of transactions on the app;
* Generation X, accounts for approximately 50% of the rand value spent on the app;
* Millennials transact more frequently but spend smaller amounts, while Generation X spend higher amounts in lower volumes; and
* eBucks are used even more by Millennials to pay for purchases at 76%, than Generation X at 21%.
“The app has grown phenomenally fast in the last three years to reach 1-million active devices. The biggest growth spurt was during the past year growing at 65% from October last year till this year,” says Virgillito.