Icanonline reports that it achieved significant growth last year, exceeding its own expectations in terms of customer growth.
Icanonline`s initial business plan was based on signing up 16 500 customers within its first 15 months of operation. In figures released this week, icanonline shows that its customer base grew to over 35 000 within 12 months of operation, which translates into an average of 3 000 new customers per month and exceeds original expectations by more than 100%. Icanonline also experienced 27% growth in transactions and over 20% growth in its deposit base over the Christmas period - more than double initial projections.
John Maxwell, executive director of BoE Limited, says fewer than 2% of icanonline`s customers are existing BoE or NBS customers. "This indicates that icanonline has not cannibalised our `real world` customers and represents real growth for BoE."
Maxwell believes icanonline`s low costs and high interest rates, as well as the convenience of being able to shop, trade, invest and insure in one place online have been key drivers of its success.
"Icanonline was a natural progression for M-Web and the initiative has excelled well above our original projections," says Antonie Roux, CEO of M-Web. "A key driver for our participation was to enlarge the group of people able to transact over the Internet and, considering the uptake, we believe that icanonline is well on its way to achieving this objective."
Roux says that in addition to offering banking services, icanonline consolidates leading insurance, trading and retail brands and institutions into one convenient online service.
"We believe that this convenience will be key to icanonline`s future success," says Roux.
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