Digital disrupting financial services sector

Christoph Nieuwoudt_CEO_FNB Consumer.

Christoph Nieuwoudt_CEO_FNB Consumer.

By AKANI CHAUKE
JOHANNESBURG, (CAJ News) – FIRST National Bank (FNB) has noted an upsurge of customer interactions in recent years as digital transformation on consumers and the broader financial services industry gathers momentum.
Executives disclosed in 2016, FNB customers had over 10 billion interactions with the bank, of which only 120 million (just over 1
percent) was on a face-to-face basis.
Roughly 8,5 billion (85%) was purely on digital channels and the rest via point-of-sale (card swipes or online purchases) and ATM transactions.
Dr Christoph Nieuwoudt, Chief Executive Officer: FNB Consumer Segment, said the number of FNB customer interactions had tripled since 2010, growing at more than 20 percent per annum, based on the growth in digital channels.
“Meanwhile at branches, customers are making significant use of in-branch
digital zones,” Nieuwoudt added.
He said branches and branch personnel were no less critical than before,but their role had changed from performing transactions to re-focussing on sales and advising customers on how to bank.
“In spite of the powerful digital technology, today the bulk of banking consumers still want to talk to someone when opening a new account and even for most product categories.”
Nieuwoudt said the important effect of such changes was the opportunity to continuously upskill a workforce.
On this end, FNB now has e-Bankers who help customers get to grips with banking digitally.
Banking is also seeing a large contingent of specialised roles – IT specialists, analysts, actuaries and engineers, who play a significant role in “re-inventing” solutions.
The digital transformation is referred to as the Second Machine Age or the Fourth Industrial Revolution.
CAJ News

Short URL: http://cajnewsafrica.com/?p=23323

Posted by on Oct 23 2017. Filed under Africa & World, Broadband, Featured, Finance, Mobile & Telecoms, National, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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