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Save up to 100% with digital banking

FNB has rebuilt its online banking platform to improve user functionality. (Duncan Alfreds, News24)
FNB has rebuilt its online banking platform to improve user functionality. (Duncan Alfreds, News24)
Cape Town - Customers using digital and electronic banking channels are saving up to 100% on transactions, according to First National Bank.

By using channels such as FNB's banking app, FNB online banking or cellphone banking, FNB customers save between 75 and 100% on day-to-day transactions, the bank said in a statement.

Digital banking increases efficiencies for the bank as it is more streamlined and less labour intensive.

"This drives down our transactional costs, which in turn allows us to pass this saving on to the customer,” said Farren Roper, head of FNB Connect ISP and business operations.

Customers who make use of FNB's Unlimited Pricing option pay only a monthly fee for unlimited transactions.

The bank also offers its personal cheque account where customers can withdraw cash for free at various retail outlets.

According to the annual Finweek Bank Charges Report, FNB emerged as the cheapest bank in 2012 on the Pay as You Transact option.

It was also named as South Africa's banking industry leader in February, in a survey by the South African Customer Satisfaction Index (SAcsi).

Better banking

The bank unveiled the revision of its online banking platform in July.

"The leading rationale for changing the platform was simply customer-led, driven technology," said FNB Online CEO Lee-Anne van Zyl at the launch.

"We could see it was no longer through a traditional PC, but it was moving more and more to smart devices."

While the banking industry is plagued by cybercrime with SIM swaps being one of the most problematic areas, Van Zyl moved to allay any fears about security.

"We are constantly upgrading our various back end systems and in addition we will be enhancing our One Time Pin (OTP) system in the near future to deal with current and future threats," she told Fin24.  

She said the threats FNB Online face include phishing, vhishing (using a phone call to entice customers to divulge confidential information), smishing (SMSs used to entice customers to divulge confidential information) and malware (including but not limited to spyware and Man-in-the-Browser attacks such as sophisticated banking trojans).

Van Zyl explained that the bank believes in providing a layered approach to security.

"This ensures that if one security layer fails, the next layer can protect the client.

"Currently username and password act as the first layer of security, followed by SMS OTP and various back end systems that monitor client and transaction behaviour."

The back end layers are non-invasive to the customer and performed by the bank and not on the client side of the transaction, said Van Zyl.

 - Fin24

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