Youth prefers digital banking

123rf.com

In the last quarter of 2018, of the customers who applied for a personal loan through digital channels, 36% of the applications came from the age group 22 – 30 years old, according to FNB data.

“FNB prioritised enabling loan take-up, a process that might have been perceived as cumbersome in the past, in a few easy steps on our digital banking platforms. The fact that this age group is using this as their primary loan application channel, reinforces their appreciation for the cost and time effectiveness of digital banking," says Philani Potwana, product head at FNB Personal Loans.

Conversely, customers aged between 46-55 still prefer the traditional way of banking and would rather visit a branch to apply for a loan. To bring digital banking and human engagement closer together for all customers, FNB has designated digital zones at branches where customers can bank digitally and get help from a consultant when necessary.