FNBB takes banking to social media
Brian Benza | Monday September 1, 2014 14:14
Speaking at a media briefing to announce the bank’s full year results to June 2014, Director of Wealth, Bongani Khulu announced that FNBB has taken to Facebook and Twitter to provide service to its customers in real time.
“ As the customer increasingly moves into the digital space we have added social media to the numerous channels we already have to service our clients.
In the pre-launch the number of visitors to our various social media platform has already reached 12,000, Among other services, a customer can also get transaction notification via these platforms” he said.
The bank, which is the largest in the country with over 400,000 customers, will use social media as a channel to complement their existing channels like branches, call centres, online and mobile.
Over the years FNBB has proved to be the leader in the market in coming up with banking innovative products.
“The Bank prides itself as a leader in innovative banking solutions. During the year the Bank launched a number of solutions aimed at increasing convenience and moving customers away from the more expensive banking channels. Automated Deposit Taking machines (ADTs), Slim line ATMs and rand disbursing ATMs were successfully launched. The volumes of prepaid electricity via the cellphone banking channel also increased significantly,” said CEO Lorato Boakgomo-Ntakhwana. Due to the expansion in product offering, the bank realised a 7 percent increase in non-interest revenue.
However, investment in new product offerings as well as infrastructures spend resulted in a 13 percent growth in operating costs.
According to FNBB, it was the first bank in the country to introduce many of the technology based products including internet banking; real time transaction based SMS/email messaging, mobile ATMs and one stop payment solution, FirstPay Portal.
Despite the tough trading conditions, FNBB’s balance sheet grew by 12 percent to P17.64 billion from P15.80 billion. Advances to customers registered a strong growth of 17 percent, reaching a historical high of P12.1 billion buoyed by good growth in deposits from customers of 11 percent from P12.93 billion to P14.33billion.
“Most of the advance growth was achieved in the secured asset class as the Bank moved to a more conservative credit risk appetite,” said Boakgomo-Ntakhwana.
In the period FNBB registered a modest 3 percent rise in profit after tax as the challenging operating environment affected its topline.