This paperless cheque account opening process uses biometric technology to validate the business and its owner, allows the SME to order and courier new cards, switch debit orders and setup digital banking immediately.
This “marks a significant milestone in our 180-year history as we move beyond being a digital innovator to a broader contextual platform disruptor,” FNB CEO Jacques Celliers said at the launch of the service on Wednesday. “It is through this contextually helpful platform that we can offer holistic financial solutions and become a trusted partner to the broader society. This will enable us to help create a better world for years to come.”
Mike Vacy-Lyle, CEO of FNB Business said FNB had worked hard to understand how SMEs operate and the day to day challenges they faced, which were considerable.
“We have coined the phrase ‘businessism’ inside FNB, driving our focus on solutions that remove those moments of angst that businesses face – from registering a company and opening a bank account, to applying for credit and managing the businesses daily affairs,” said Vacy-Lyle. “Our digital solutions now cater for the entire SME value chain via Online Banking Enterprise, which is linked to the FNB App.”
The focus on fintech has grown significantly on the African continent. Although there are a number players that actively innovate in the SME market, they often lack scale and fail to deliver a single platform that is convenient and does not pose additional cost, security and administrative burdens.
“Therefore, it was imperative that we not only integrate key solutions, but further incorporate trust and simplicity to our platforms, while ensuring that we do not add complexity in an already over-crowded marketplace,” said Vacy-Lyle.
FNB Business revealed the following statistics regarding its SME offerings:
- An average of 3000 new company registrations were initiated every month on digital channels in the last year, with more than 1,000 assisted CIPC registrations per month.
- Over 300 000 customers accessed digital account confirmation letters online (with SARS endorsement) eradicating the need to go to branch or call in for assistance.
- eWallet Pro payments between SME’s and casual workers increased 40% year on year.
- Over 4 500 customers used DocTrail which allows businesses to easily attach source or reference documents to all their digital payments in the cloud, creating a transparent and auditable trail for every payment execution.
- Over 200,000 customers registered to use FNB’s suite of Instant Value Add solutions, that help take the angst out of your day-to-day business administration of bookkeeping, payroll and invoicing.
- FNB Instant Invoicing produces over 40,000 compliant tax invoices per month for businesses;
- Business clients can now make payments, including Pay-and-Clear now, as well as those that require multiple authorisations on FNB’s digital channels.
- More than 50% of all credit applications in FNB Business are now digitally originated and approved representing more than R200m per month of new SME credit facilities.
Notre Dame, Scoop Makhathini, GoT, top week in search
From fire disaster to social media disaster, the top Google searches this week covered a wide gamut of themes.
Paris and the whole world looked on in shock as the 856-year-old medieval Catholic cathedral crumbled into ash. The tragic infernal destruction of this tourist attraction of historical and religious significance led South Africans to generate more than 200 000 search queries for “Notre Dame Cathedral” on Monday. Authorities are investigating the cause of the fire that razed the architectural icon.
In other top trending searches on Google this week, radio presenter Siyabonga Ngwekazi, AKA Scoop Makhathini, went viral when it appeared he had taken to Twitter to expose his girlfriend, Akhona Carpede, for cheating on him. Scoop has since come out to say that he was not responsible for the bitter rant and that his account was hacked. “Scoop Makhathini” generated more than 20 000 search queries on Wednesday.
Fans generated more than 20 000 search queries for “Sam Smith” on Tuesday ahead of the the British superstar’s Cape Town performance at the Grand West Casino. Smith ended up cutting his performance short that night due to vocal strain.
Local Game of Thrones superfans were beside themselves on Sunday, searching the internet high and low for the first episode of the American fantasy drama’s eighth season. “Game of Thrones, season 8, episode 1” generated more than 100 000 queries on Google Search on the weekend.
As the festivities kicked off in California with headliners such as Childish Gambino and Ariana Grande, South Africans generated more than 2 000 search queries for “Coachella” on Saturday.
South Africans generated more than 5 000 search queries for “Wendy Williams” on Friday as it emerged that the American talk show host had filed for divorce from her husband Kevin Hunter after 21 years of marriage. Hunter has long been rumored to have been cheating on Williams, which reportedly finally led to the divorce.
Search trends information is gleaned from data collated by Google based on what South Africans have been searching for and asking Google. Google processes more than 40 000 search queries every second. This translates to more than a billion searches per day and 1.2 trillion searches per year worldwide. Live Google search trends data is available at https://www.google.co.za/trends/hottrends#pn=p40
5G smartphones to hit 5M sales in 2019
According to the latest research from Strategy Analytics, global smartphone shipments will reach a modest 5 million units in 2019. Early 5G smartphone models will be expensive and available in limited volumes. Samsung, LG and Huawei will be the early 5G smartphone leaders this year, followed by Apple next year.
Ken Hyers, Director at Strategy Analytics, said, “We forecast global 5G smartphone shipments will reach a modest 5 million units in 2019. Less than 1 percent of all smartphones shipped worldwide will be 5G-enabled this year. Global 5G smartphone shipments are tiny for now, due to expensive device pricing, component bottlenecks, and restricted availability of active 5G networks.”
Ville Petteri-Ukonaho, senior analyst at Strategy Analytics, added, “Samsung will be the early 5G smartphone leader in the first half of 2019, due to initial launches across South Korea and the United States. We predict LG, Huawei, Xiaomi, Motorola and others will follow later in the year, followed by Apple iPhone with its first 5G model during the second half of 2020. The iPhone looks set to be at least a year behind Samsung in the 5G smartphone race and Apple must be careful not to fall too far behind.”
Neil Mawston, executive director at Strategy Analytics, added, “The short-term outlook for 5G smartphones is weak, but the long-term opportunity remains huge. We forecast 1 billion 5G smartphones to ship worldwide per year by 2025. The introduction of 5G networks, by carriers like Verizon or China Mobile, opens up high-speed, ultra-low-latency services such as 8K video, streaming games, and augmented reality for business. The next big question for the mobile industry is how much extra consumers are really willing to pay, if anything, for those emerging 5G smartphones and services.”
Strategy Analytics provides a snapshot analyses for the outlook for 5G smartphone market in this Insight report: 5G Smartphones : From Zero to a Billion
Strategy Analytics provides a deep-dive into the air-interface technologies that will power phones through 2024 across 88 countries here: Global Handset Sales Forecast by 88 Countries and 19 Technologies : 2003 to 2024