First National Bank (FNB) says its banking app - launched just over three years ago, in July 2011 - is now active on more than one million smart devices in SA.
"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, head of FNB Digital Banking.
According to FNB, usage trends over the last three years show the most popular transactions on the FNB Banking App are payments, account transfers and prepaid products. Other popular transactions 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 our digital banking customers prefer the option of on-the-go banking that allows them immediate access to their everyday banking transactions," explains Virgillito.
On average, the FNB Banking App customer base logs in to the app 15 times per month, with a significant portion of customers logging in over 40 times a month.
An analysis of the FNB banking app's customer base shows:
* 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
* 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 one million active devices. The biggest growth spurt was during the past year, growing at 65% from October last year till this year," says Virgillito.
According to the Mobility 2014 survey, sponsored by FNB, the use of a banking app as the primary bank channel usage increased from 1% in 2012 to 9% in 2013, and this is expected to increase significantly in the coming years as more people gain access to smart devices.
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