Digital banking channels are gaining traction among the middle class in South Africa, along with a need for personalised banking solutions instead of a one-size-fits-all approach.
These are some of the key findings from research conducted by FNB among its Premier clients who earn between R350 000 and R750 000 before tax per year.
Lynette Kloppers, CEO of FNB Premier, says: “Traditional methods of banking as we know them are fast evolving, while banks have the banking expertise, clients are setting the pace and we follow them quite closely to ensure we understand their needs.
“Consumers now require services that are available around the clock and can be accessed from anywhere in the world. About 78% of those surveyed said they preferred conducting banking via online platforms because it’s convenient and easy to access.”
Family is very important to this group; 76% of them are married and 52% have children that are financially dependent on them. Retirement planning also takes centre stage, a majority of the respondents said they would like to retire comfortably.
The findings of the survey point to very specific developing trends, such as the need for a bank that takes the future needs of the client into consideration. Beyond future plans there are notable lifestyle preferences that are important for this market; including local family holidays, overseas trips and dining out. Despite having a propensity to spend on leisure, this group is equally aware of the need to curb over-indebtedness through saving.
“The outcomes of the research point to the fact that consumers need banking products that are suited to their lifestyles. As a bank we have decided to take a multi-dimensional approach to banking our clients, by ensuring that as their lives change we are able to match this with suitable banking solutions,” Kloppers says.
The insights collated from the research helped FNB enhance its service model to suit its clients’ needs.
