allAfrica.com: South Africa: Banking Embraces the Information Age

Johannesburg)
January 22, 2004
Posted to the web January 22, 2004
Warwick Ashford
Johannesburg
A new banking concept centred on providing information to enable financial decisions has been launched by First National Bank (FNB) to meet the needs of information age customers.
FNB unveiled its “designer banking” concept at a multimedia event showcasing local musical, dancing and fashion design talent in Johannesburg last night. The concept is set for national roll-out to the bank’s branches early next month.

“FNB research shows that traditional banking products in SA have focused on the older, wealthier markets,” says Zweli Manyathi, CEO of FNB branch delivery. “We have identified a niche in the late twenties, where individuals are earning an average of R100 000 per annum, a market which reflects distinctly different lifestyle profiles, needing flexible financial solutions.”

FNB’s re-packaged products include new age security features like the inContact SMS or e-mail transaction notification, as well as telephone and online banking services.

“We are not presuming to tell the market what products they must have,” says Manyathi. “We are advising what there is on offer and providing choice so that customers can manage their finances, their way, through making informed choices.”