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12 Ways A South African Bank Earned The Title “World’s Most Innovative”

12 Ways A South African Bank Earned The Title “World’s Most Innovative”

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At the end of 2012 South Africa’s First National Bank (FNB) was named as the world’s most innovative bank in the BAI – Finacle Global Banking Innovation Awards, which is a joint programme between BAI and Finacle Infosys.

The accolade looks at breakthrough innovation in the global retail banking industry which positively impacts banks and their customers.

Recognised for their innovative culture and the strides that have been made to incorporate advancements possible through innovation into the customer experience, FNB proudly represents South Africa as a world class bank.

Below are 12 ways in which FNB earned the title as the world’s most innovative bank.

Sources; Fin24, MoneyWeb, FNBBlog, BusinessTech, Memeburn, MyNewsRoom, SAGoodNews, HomecomingRevolution.

FNB Banking App
The FNB Banking App is an easy way to bank on the go – sagoodnews.co.za

Building a banking App that has it all

Considered one of the best banking apps in South Africa, the FNB mobile app allows clients to invest in shares, make payments, buy airtime and apply for new products. The functionality is vast, and over a million clients making use of the app a year after it was launched.

The eBucks loyalty scheme from FNB - businesstech.co.za
The eBucks loyalty scheme from FNB – businesstech.co.za

Designing a rewards programme that encourages loyalty

The eBucks rewards programme has been one of the best loyalty schemes in South Africa for many years, and the network of partners with which FNB customers can spend or earn points continues to grow, giving banking clients further reason to use FNB products and services.

FNB clients can send money to a mobile via eWallet
FNB clients can send money to a mobile via eWallet

Making mobile payments easy

FNB’s eWallet product has been a popular form of mobile payment in the country, with customers able to send and receive money via their mobile phone numbers. They can then use an ATM to withdraw the money without requiring a card.

FNB Mobile - world's most innovative bank
FNB Mobile – http://businesstech.co.za/

Launching its own mobile network

Last year the bank launched its own mobile network in South Africa, using Cell C towers and licence initially to begin building their customer base and compete with the likes of MTN and Vodacom. FNB customers can view the status of their mobile devices and contracts via their online banking profile, giving them full control of the mobile offering.

Dot FNB branches
dotFNB branches gave customers a new way to bank – htxt.co.za

Introducing dotFNB high tech branches

In 2013 FNB launched a series of dotFNB stores in malls throughout the country, which complements normal branches with cashless branches that facilitate a digital banking experience with a dash of retail. Customers were then able to apply for products and access them via digital channels at dotFNB stores.

Lotto tickets in South Africa
Lotto tickets in South Africa – sowetanlive.co.za

Allowing lottery tickets to be bought from a phone

Showing the understanding of their market, and the innovation possible through mobile platforms, FNB launched the ability for customers to buy Lotto, Lotto Plus and Powerball lottery tickets via phones, whether through cellphone banking or the purpose-built app.

Free WhatsApp for FNB Connect users - o1visa.us
Free WhatsApp for FNB Connect users – o1visa.us

Giving clients freebies

In May 2016 FNB allowed Connect subscribers to use WhatsApp messaging for free on any FNB Connect SIM, for a limited time period. The added benefit to all customers is in line with typical offers that the bank would  pass on to customers in exchange for their loyalty and as a great PR exercise.

New FNB website home page
New FNB website home page – mybroadband.co.za

Revamping their online banking to meet customer needs

FNB have always looked at the future needs of their customers, with a view to anticipating those needs and working on the functionality within their platforms to provide for those needs. Their website follows that strategy, and the online banking platform continues to evolve and improve with time, to offer clients a comprehensive online banking suite.

http://homecomingrevolution.com/
FNB supported the Homecoming Revolution from the start – http://homecomingrevolution.com/

Investing in digital platforms to uplift South Africa

FNB have long supported digitals blogs and online efforts to uplift South Africa’s image in the world, such as ‘SA The Good News‘. They have also sponsored the ‘Homecoming Revolution‘, a platform to support returning South African expats bringing back professional skills to the country. The initiative has since spread to other African nations.

Thinkstock
Innovators encourage innovation in others – Thinkstock

Creating the Innovation Awards

Fully embracing innovation means encouraging it and rewarding it in others. FNB did this by setting up the FNB Business Innovation Awards, in association with Endeavor South Africa, which looks to reward businesses which exhibit high growth potential and the capacity to add substantial economic value by creating a number of high-value jobs through innovation.

Thinkstock
FNB alerts address a problem – Thinkstock

Addressing issues proactively

When customers speak, FNB listens, and this was the case recently when they introduced an additional alert system to combat debit order fraud. Clients reported numerous cases of this fraud happening to them, and FNB responded by adding functionality where users can dispute and reverse new debit orders by responding to the mobile notification.

Thinkstock
Happy employees help FNB to thrive – Thinkstock

Being a great employer

On top of a list of innovative products and services, FNB has focused on creating a work place culture that is inclusive and rewarding. Employees are expected to work hard and diligently, but in return they are offered flexibility, good benefits and experience working within a highly innovative bank.