People have different views on the impact of technology, with some welcoming it and some fearing it. Despite this, it has made our live easier and CHRISTOPH NIEUWOUDT, CEO: FNB Consumer Segment explains the impact it will have on the financial industry.
People have strong views on the impact of digital technology on their lives, from the excitement of getting a new gadget to the satisfaction of doing in minutes what used to require a trip or a long phone call. Contrary perspectives include the fear of being left behind or even what technology will do to their employment prospects over time.
One thing we can all agree on is that digital progress is inevitable. The implications of the use of technology by society are immensely profound, with terms such as “The Second Machine Age” or the “Fourth Industrial Revolution” being used to give this evolution a name.
Let’s takes a closer look at the impact of digital transformation on consumers and the broader financial services industry:
Digital revolution is already at an advanced stage
In 2016 FNB customers had over 10 billion interactions with the bank, of which only 120 million (just over 1%) was on a face-to-face basis. Roughly 8.5 billion (85%) was purely on digital channels and the rest via point-of-sale (card swipes or online purchases) and ATM transactions.
The number of FNB customer interactions has tripled since 2010, growing at more than 20% per annum every year, based on the growth in digital channels. Meanwhile at branches, customers are making significant use of in-branch digital zones.
The reasons for the growth and migration of volumes to digital are obvious as almost every customer knows they can do basically any payment transaction, account or card service function and get most products, including loans, overdrafts, credit card upgrades, savings products and insurance on a 24/7/365 basis via the FNB app, online or cellphone banking. Customers can also buy airtime, pre-pay electricity, play lotto, trade stocks, get a homeloan approved, order a car licence renewal, buy forex, send money to any cellphone in SA, buy stuff via eBucks and the list goes on.
What does this mean for branches and do we still need them?
Branches and branch personnel are no less critical than before, but their role has changed from performing transactions to re-focussing on sales and advising customers on how to bank. In spite of the powerful digital technology, today the bulk of banking consumers still want to talk to someone when opening a new account and even for most product categories.
Additionally, consumers often need help with the new technology, even just to get going and start using it. In my view this leads to much richer and meaningful client interactions. In most cases, branches can be much smaller, but with more room for digital zones and self-service devices such as ATMs and ADTs (deposit taking machines).
This journey is not unique to banking – virtually every sales or service business is or will be going through some elements of digital transformation.
The important effect of such changes is the opportunity to continuously upskill a workforce. At branch level, it’s important for consumers to interact with consultants who understand how the technology works. On this end, we now have e-Bankers who help customers get to grips with banking digitally
Broadly, banking is also seeing a large contingent of specialised roles – IT specialists, analysts, actuaries, engineers, who play a significant role in ‘re-inventing’ solutions all the time
Automating credit decision making and fraud prevention
Today, only a very small percentage of credit decisions are made by people – rather statistical models are used to make fully automated decisions instantly at low cost and with accuracy not achievable by a person. For consumers, this means your risk profile and behaviour determines your loans size and pricing. Importantly, technology has helped reduce fraud loss rates for card and digital transactions.
Move from product-centric to a customer-centric model
FNB has been through a major mind-shift to consistently put the customer at the centre of the universe like never before. Interactions through all channels need to be considerate of making the customer’s experience the best possible by providing a consistent experience across all products and services.
The future for financial services
Often, the question is which banks will “win” the race, or will Apple/Amazon/Facebook/Google or other ‘fintech’ players win?
There are two simple thoughts in this regard. Firstly, due to the massive (data analytical, channel & customer experience) advantages a customer centric approach offers, I believe an integrated player like FNB with a compelling offering across transactional, lending, save/invest, insurance (and in our case telco also) has a major competitive advantage over any player with a limited offering.
Secondly, financial services players that embrace technology and data analytical capabilities in a customer centric manner can and should be the beneficiary of the digital revolution. However, at the end of it all, it comes down to a philosophical decision around business strategy – rather than falling prey to fintech disruptors, banks can unlock the incredible power of innovation for their customers to fulfil the ever changing needs of bank customers.
Acer gaming beast escapes
Acer this week unveiled two notebooks that take portable gaming to new extremes.
Acer unveiled two new Predator Helios gaming notebooks this week at the next@acer global press conference in New York. They include the powerful Predator Helios 500, featuring up to 8th Gen Intel Core i9+ processors, and the Predator Helios 300 Special Edition that includes upgraded specs from its predecessor and a distinctive white chassis. Both feature VR-Ready performance, advanced thermal technologies, and blazing-fast connectivity.
“We’ve expanded our Predator Helios gaming notebook line in response to popular demand from gamers seeking extreme performance on the go,” said Jerry Kao, President of IT Products Business, Acer. “The Predator Helios 500 and Helios 300 gaming notebooks feature Acer’s proprietary thermal technologies and powerful components that, coupled with our award-winning software, deliver unparalleled gaming experiences.”
“The 8th Gen Intel Core i9+ processor for gaming and creation laptops is the highest performance Intel has ever delivered for this class of devices; purpose built for enthusiasts who demand premium gaming experiences whether at home or on the go,” said Steve Long, Vice President and General Manager, Client Computing Group Sales and Marketing, Intel. “Intel and Acer’s long relationship has produced amazing products over the years, and the new Acer Predator Helios gaming notebooks are powerful examples of what’s possible with this unprecedented level of performance.”
Predator Helios 500 is a gaming beast featuring overclocking, 4K 144 Hz panels
Designed for extreme gamers, the Predator Helios 500 is a gaming beast. It features up to overclockable 8th Gen Intel Core i9+ processors and overclockable GeForce GTX 1070 graphics. Intel Optane memory increases responsiveness and load times, while ultra-fast NVMePCIe SSDs, Killer DoubleShot Pro networking, and up to 64GB of memory keep the action going, making the Helios 500 the ideal gaming notebook for graphic-intensive AAA titles and live streaming.
Top-notch visuals are delivered on bright, vibrant 4K UHD or FHD IPS 17.3-inch displays with 144Hz refresh rates for blur- and tear-free gameplay. NVIDIA G-SYNC technology is supported on both the built-in display and external monitors, allowing for buttery-smooth imagery without tearing or stuttering. For those looking for maximum gaming immersion, dual Thunderbolt 3 ports, and display and HDMI 2.0 ports support up to three external monitors. Two speakers, a subwoofer, and Acer TrueHarmony and Waves MAXXAudio technology deliver incredible sound and hyper-realistic 3D audio using Waves Nx.
The Helios 500 stays cool with two of Acer’s proprietary AeroBlade 3D metal fans, and five heat pipes that distribute cool air to the machine’s key components while simultaneously releasing hot air. Fan speed can be controlled and customized through the PredatorSense app.
A backlit RGB keyboard offers four lighting zones with support for up to 16.8 million colors. Anti-ghosting technology provides the ultimate control for executing complex commands and combos, which can be set up via five dedicated programmable keys.
Acer’s PredatorSense app can be used to control and monitor the notebook’s vitals from one central interface, including overclocking, lighting, hotkeys, temperature, and fan control.
Predator Helios 300 Special Edition brings a sophisticated design twist to gaming notebooks
Acer’s budget-friendly Helios 300 gaming line sees the addition of a Special Edition model featuring an all-white aluminum chassis accented with gold trim, an unusually chic design for gaming notebooks.
The Helios 300 Special Edition (PH315-51) allows for ultra-smooth gameplay via its 15.6-inch FHD IPS display with an upgraded 144Hz refresh rate. The rapid refresh rate shortens frame rendering time and lowers input lag to give gamers an excellent in-game experience. It’s powered by up to an 8th Gen Intel Core i7+ processor, overclockable GeForce GTX 1060 graphics, up to a 512 GB PCIe Gen 3 NVMe solid state drive, and up to a 2 TB hard disk drive.
The Helios 300 Special Edition also comes equipped with up to 16 GB of DDR4 memory, and is upgradable to 32GB. Intel Optane memory speeds up load times of games and applications, access to information and improves overall system responsiveness. In addition, Gigabit Ethernet provides fast wired connections, while Gigabit Wi-Fi is provided by the latest Intel Wireless-AC 9560 that delivers up to 1.73Gbps throughput when using 160 MHz channels (2×2 802.11ac, dual-band 2.4GHz and 5GHz).
The Helios 300 Special Edition also includes two of Acer’s ultrathin (0.1 mm) all-metal AeroBlade 3D fans designed with advanced aerodynamics and superior airflow to keep the system cool. They can be controlled with Acer’s PredatorSense app, which offers three usage modes:
1. Coolboost mode:
For heavy loading games, rendering, streaming, and extended video consumption
2. Normal mode:
For productivity tools like Microsoft Office
3. Silent mode:
For web browsing and online chatting
Price and Availability
Predator Helios 500 will be available in South Africa in June starting at R34 999.00
Helios 300 Special Edition will be available in South Africa in August 2018. Exact Price will be communicated closer to the time.
LG G7 arrives in SA
LG this week introduced South Africa to its latest premium smartphone, the LG G7 ThinQ, focused on bringing useful and convenient AI features to the smartphone experience.
Powered by the latest Qualcomm Snapdragon 845 Mobile Platform, the LG G7 ThinQ offers 4GB of RAM and 64GB of internal storage to run demanding tasks and apps with. It is equipped with a 6.1-inch Super Bright Display, but the LG G7 ThinQ remains compact enough to use with one hand.
Sporting a new design aesthetic for the G series, the polished metal rim gives the LG G7 ThinQ a sleeker, more refined look, complemented by Gorilla Glass 5 on both the front and the back for enhanced durability. Rated IP68 for dust and water resistance, the LG G7 ThinQ is also awarded MIL-STD 810 c certification, having been subjected to a range of extreme temperature and environment tests designed by the United States military.
The LG G7 ThinQ has an 8MP camera up front, rendering clear and natural selfies, with two 16MP cameras at the back that deliver higher resolution photos with more detail, as well as a Super Wide Angle configuration.
As with other leading brands, LG has evolved its signature camera by including AI functionality. The AI CAM offers 19 shooting modes for intelligence-optimised shots. Users can also improve their photos by choosing from an additional three effect options should the AI CAM recommendation not suit their taste.
The new Super Bright Camera captures images that are up to four times brighter than typical photos shot in dim light. Through the combination of pixel binning and software processing, the AI algorithm adjusts the camera settings automatically when shooting in low light.
Live Photo Mode records one second before and after the shutter is pressed for snippets of unexpected moments or expressions that would normally be missed. Stickers uses face recognition to generate fun 2D and 3D overlays, such as sunglasses and headbands, that can be viewed directly on the display.
New to the G series is Portrait Mode, which generates professional-looking shots with out-of-focus backgrounds. This effect can be generated using both front and rear standard lenses as well as the rear Super Wide Angle lens.
LG G7 ThinQ offers further AI functionality with the inclusion of Google Lens features. Google Lens is a new way to search using the AI and computer vision. Google Assistant and Google Photos allow users to access more information on objects such as landmarks, plants, animals, and books. It can identify text or visit websites, add business cards to contacts, events to the calendar or look up an item on a restaurant menu.
A button just below the volume keys launches the AI functionality. A single tap of this button launches the Google Assistant, while two quick taps launches Google Lens. Users can also hold down the button to start talking to the Google Assistant without the repetition of the OK Google command.
With Super Far Field Voice Recognition (SFFVR) and the highly-sensitive G7ThinQ microphone, the Google Assistant can recognise voice commands from up to five meters away. SFFVR is able to separate commands from background noise, making the LG G7 ThinQ an alternative to a home AI speaker, even when the TV is on. Commands for the Google Assistant have been increased in the LG G7 ThinQ so users can get more done with their voice alone.
“The LG G7 ThinQ is strongly focused on the fundamentals and its launch marks a new chapter for our company,” said Deon Prinsloo, General Manager for Mobile Communication, LG Electronics S.A Pty Ltd. “Through the combination of personalised and useful AI functionalities with meaningful smartphone features, this is LG’s most convenient and in the moment smartphone yet.”
- Mobile Platform: Qualcomm Snapdragon 845 Mobile Platform
- Display: 6.1-inch QHD+ 19.5:9 FullVision Super Bright Display (3120 x 1440 / 564ppi)
- LG G7 ThinQ: 4GB LPDDR4x RAM / 64GB UFS 2.1 ROM / MicroSD (up to 2TB)
- Rear Dual: 16MP Super Wide Angle (F1.9 / 107°) / 16MP Standard Angle (F1.6 / 71°)
- Front: 8MP Wide Angle (F1.9 / 80°)
- Battery: 3000mAh
- OS: Android 8.0 Oreo
- Size: 153.2 x 71.9 x 7.9mm
- Weight: 162g
- Connectivity: Wi-Fi 802.11 a, b, g, n, ac / Bluetooth 5.0 BLE / NFC / USB Type-C 2.0 (3.1 compatible)
- Colours: New Aurora Black
- Others: Super Bright Display / New Second Screen / AI CAM / Super Bright Camera / Super Far Field Voice Recognition / Boombox Speaker / Google Lens / AI Haptic / Hi-Fi Quad DAC / DTS:X 3D Surround Sound / IP68 Water and Dust Resistance / HDR10 / Google Assistant Key / Face Recognition / Fingerprint Sensor / Qualcomm Quick Charge 3.0 Technology / Wireless Charging / MIL-STD 810G Compliant / FM Radio