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FNB launches no-fee digital account for small business

As competition from new, low-cost digital banks heats up, FNB is evolving its business model to take up the challenge

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FNB Business will be launching a new “digital no monthly account fee business bank account’, called First Business Zero. along with a digital app-based entrepreneurship learning programme called Fundaba.

First Business Zero will be offered by FNB from 1 November 2019, and is designed specifically for sole proprietor businesses with an annual turnover up to R5 million. As with personal accounts, it can be opened on the FNB App within a few minutes using a selfie to identity and verify the user.

The key features of the First Business Zero proposition include:

  • no monthly account fee
  • unlimited free POS card swipes
  • inter-operable QR code for accepting payments
  • linked saving pocket to ring-fence savings and earn interest
  • FNB Connect SIM card that includes free data, minutes and SMSs (up to 100mb data, 30 voice minutes, 30 SMSs).

Businesses will also get access to FNB Business’ suite of free value-added services, including Instant Accounting software, Invoicing, Cash Flow and Payroll.

FNB Business CEO Mike Vacy-Lyle says: FNB has invested billions of Rands in developing a business banking platform that offers holistic and integrated financial solutions to all types of businesses. To maintain our market-leading position, it is essential that our business model continually evolves to provide relevant solutions for customers, from learning how to start, run and grow a business, to registering a company, opening a bank account, applying for credit and managing the businesses daily affairs.”

During the past financial year to June 2019, FNB Business banked SME lending reached more than R40-billion on the back of simple, scored, digital lending, with a credit approval taking less than 3 minutes in many instances. The bank further extended over R8-billion to women-led businesses during the same period.

“Better use of data, understanding client context, easier credit applications through scoring and digitisation, as well as lower origination costs, have led to better, deeper credit underwriting and quicker turnaround times,” says Vacy-Lyle. “This has made borrowing from FNB Business a much better experience with better pricing.

“Continued digitisation of the commercial banking experience, at scale, has resulted in improved efficiencies and a lower cost of banking. This benefit of scale will be passed on to the customer through more affordable banking solutions like these. FNB Business remains committed to providing efficient and differentiated customer experiences, inside platform. We believe in offering ongoing deep value to our customers through a wide and differentiated digital experience.”

Click here to read about FNB’s free interactive e-learning business education platform.

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3D printing set for $20bn boom

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3D printing is starting to be realized in a wide variety of industries, but its potential in the aerospace and defense industry is significant. The 3D printing industry was worth $3bn in 2013 and grew to $7bn in 2017. By 2025, the market is forecast to account for more than $20bn in spend, according to GlobalData, a leading data and analytics company.

The company’s report, ‘3D Printing in Aerospace & Defence – Thematic Research’, reveals that most major militaries and companies are exploring options with the technology. Some are still in the testing phase, while others are deploying the technology in final production. This is particularly true in the aerospace industry, where engines, aircraft and satellites are currently using 3D-printed components.

Listed below are the militaries that have taken an early lead in implementing 3D printing technology, as identified by GlobalData.

US Marine Corps

The US Marine Corps currently has the highest uptake of 3D printing of any military service worldwide. In particular, the additive manufacturing team at Marine Corps Systems Command has created the world’s largest 3D concrete printer with the ability to print a 500-square-foot barracks hut in 40 hours.

US Air Force

The US Air Force is integrating 3D printing into its supply chain. Overseen by ‘America Makes’, the US national additive manufacturing/3D printing innovation institute, it is investigating how current systems can be used to reproduce aircraft components for decades-old planes that may no longer have reliable sources of replacement parts, without minimum order quantities.

US Navy

The Navy has created new logistical units such as Navy frontline attachments, which can rapidly create spare parts for incredibly complex military equipment such as the F-35B – and are currently operational for this purpose. The navy has also worked with Oak Ridge National laboratory to produce the first 3D-printed submarine hull.

US Army

The US Army is working on 3D-printed, modular drone systems. The army wants 3D printers that can be deployed to a forward base camp and used to produce aviation backup when necessary for troops on the ground. This plan aims to create bespoke unmanned aerial vehicle (UAV) systems and is said to be at an advanced stage of development.

Chinese Air Force

A 3D Systems ProJet 4500 printer has been acquired by the Chinese army and has been working on replacement military truck parts for the army’s fuel tanker fleet. A number of Chinese fighter jets are believed to be carrying 3D-printed parts and are currently in operation.

Russian Army

Russia has been testing multiple applications for 3D-printed parts in its newest main battle tank, the T-14 Armata. During the development process, 3D printing was used for prototyping, but it is expected that parts will be used in the final product, of which 2,300 have been ordered.

South Korean Air Force

Collaboration between South Korea’s InssTEK and France’s Z3DLAB is producing parts for South Korean warplanes that see heavy use along the border with North Korea. The aim is to upgrade existing components, rather than replace worn parts, with a new titanium composite material.

Information based on GlobalData’s report: ‘3D Printing in Aerospace & Defence – Thematic Research’.

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SA productivity could nosedive on Black Friday

Employee productivity on Black Friday could nose dive, says local online retailer, OneDayOnly.co.za

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Finance Minister Tito Mboweni hasn’t had it easy lately. Amidst a more-than-tricky economy and having to walk the tight rope in his recent mid-term budget speech, Tito is squeezed between a rock and a very hard place that’s about to get tighter with Black Friday inspired employee procrastination.

“While the minister probably has bigger fish to fry than South Africans avoiding spreadsheets in favour of scooping a deal on Samsung’s latest flat screen – Black Friday undoubtedly affects employees’ focus at work,” says Matthew Leighton, spokesperson at leading South African e-tailer OneDayOnly.co.za .

While it started as a post-Thanksgiving blowout sale by US retailers, Black Friday has become one of the most significant calendar days for consumers and the retail industry globally. “The proof is in the OneDayOnly.co.za stats. Last year, we recorded over 150 000 website users on Black Friday alone – the average on a regular day is around 60 000 and on a high traffic day such as pay day its approximately 80 000,” says Leighton.

So the demand is clearly there but are people actually doing the bulk of their Black Friday buying while they should be working? Leighton says they are. “Although the sale starts at midnight people are online throughout the day and data from last year shows traffic on OneDayOnly.co.za spiking primarily during core working hours – 06:00, 8:00, 11:00 and 15:00.

He adds that the average user session – or time people spend on the site at any one point – is three times longer on Black Friday than any other day. “In addition to spending longer on the site on Black Friday, customers also return many times during the day so these longer sessions happen numerous times during the work day.”

To add to Tito’s woes, Leighton explains that people are also multi-screening their buying efforts by watching social platforms for tips and prompts. “Most online retailers worth their salt share prompts on social feeds to drive traffic to their websites. Last year, each time we announced via social that a 100% off deal was available shoppers flocked to OneDayOnly.co.za. Almost instantly, the web traffic would spike. The pattern shows how closely people keep an eye on the 100% off deal drops via social media, as well as how effectively the platforms cater to a very wide audience in real time.”

But while Black Friday may result in the odd deadline being missed, Leighton believes the overall impact on the economy is an extremely positive one. “Last year we saw people spending in the region of R1300 on Black Friday, compared to an average of R970 on other days. According to BankServ, South Africans’ card transactions came up to R3bn on the day last year, up 16% from 2017. That’s a nice injection into an otherwise depressed retail sector.”

Leighton says people love Black Friday because there is something in it for everyone, but there’s also nothing to lose – except for maybe a bit of work time. “With so many more products available at low prices, it makes sense to peruse. If you find nothing you like, you are no worse off. And your boss doesn’t have to be either if you’re proactive and shop before work when our doors open at midnight.”

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