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FNB app's user numbers hit 750,000

By , IT in government editor
South Africa , 05 Mar 2014

FNB app's user numbers hit 750,000

South Africa's youth market has the highest growth in mobile application uptake and usage of First National Bank's (FNB) banking app, it has been revealed.

According to FNB's app statistics, growth in uptake and usage of FNB’s banking app among 18-25 year olds increased from 6% in 2011 to 14% this year.

And as of December 2013, FNB's banking app -- which is available on Google and Apple app stores -- had a growth rate of over 100% and reached the 750,000 active user mark early in 2014, the financial institution revealed.

"18–25 year olds now account for 14% of active users on the platform, which correlate with the growth in cheque accounts for this age group,” said Giuseppe Virgillito, head of channel, banking app, FNB Mobile and Connect, in a statement.

“We think that the growth in this market is down to the characteristics and trends shown by the two different generations that overlap within this age group. Generation Z, also known as digital natives, were practically born with smartphones in their hands and will naturally adopt digital banking trends once they open their own bank account. On the upper end of the age group are the Generation Y group or “millennials”, who are young, working and have adopted digital channels with ease and for on-the-go banking,” added Virgillito.

FNB also revealed that the most popular transactions on the banking app are payments, which make up 50% of the transactions made.

“As the increase in banking app users from generation Z and beyond give birth to a new type of banking customer we are expecting to see new banking needs and trends emerging, expectations that are changing and a customer overall interacts with their bank on digital channels,” said Virgillito.

The growth of FNB's banking app usage is parallel with the increase of smartphone usage in South Africa.

Last month leading mobile operator Vodacom announced that the number of active smartphones on their network in South Africa is now 7.2 million up 600,000.

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