BY: Admire Moyo, ITWeb’s News Editor.

Big-four bank FNB has set a new record for logins on its mobile application.

This emerged when the bank today announced its interim results for the six months ending 31 December.

The bank’s mobile virtual network operator (MVNO) offering, FNB Connect, also saw significant increases in voice minutes, as well as data consumption.

According to the financial institution, the bank’s performance was driven by solid customer, transactional and deposit growth.

It says the results follow recent investments to refresh FNB’s brand and digital interfaces, and the renewed focus on being advice-led, in efforts to help customers through the bank’s integrated financial services model.

While the bank’s mobile application recently made headlines for exposing home loan applicants’ data to third-parties, usage of the platform continues to surge.

“Our customers continue to trust our digital interfaces, with digital logins exceeding 878 million and the FNB app contributing 603 million logins,” says the bank in a statement.

“Our FNB app’s active transactional users surpassed five million, setting a new monthly record of 103 million logins in October 2022. We’re seeing a growing number of customers taking up our digitally displayed offers, with 6.5 million proactive pre-approved offers taken up in just six months, an increase of 21%.”

According to FNB, appetite for digital payments continues to rise, with customers making 41.9 million smart device payments with 3.9 million virtual cards and R15 billion in payments.

“Our first-to-market real-time Instant Payment innovation, which launched in October 2022, has already generated R50 million in payments.”

In addition, it says, eBucks Travel delivered R450 million in sales using the bank’s platform, and it also sold R9.2 billion in third-party services, such as electricity, airtime and digital vouchers via the FNB app.

It points out FNB Connect increased the number of active SIMs to 879 000 (up 4%) with customers using 1.2 billion voice minutes and 4.4 billion megabytes of data.

FNB Connect launched as an MVNO in June 2015, making FNB the first bank in the country to establish a mobile offering.

Recently, FNB Connect was named the joint Best Digital MVNO in the World at the MVNO World Congress.

FNB adds the retail business, which services customers under personal and private segments, continued to attract new customers (up 5%), and eWallet users increased to 8.2 million.

“We paid out R8 billion to house the families of first-time property buyers, and R40 million in student loans to support individuals who are striving for a brighter future. We paid out R612 million in pre-emptive life insurance claims since the introduction of FNB Life, and 50% of funeral claims are paid out within four hours.

“In addition, our short-term insurance policies increased to 275 000 (up 13%) in the previous six months. Similarly, we see encouraging momentum in wealth and investments, as the number of accounts increased to 604 000 (up 3%) and ‘Assets Under Managed’ reached R71.5 billion.”


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