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SMEs big on digital banking

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FNB Business has reported that SMEs are the most active users of its mobile and banking services, with approximately 50% of them conducting 20 transactions per month.

Small, Medium and Micro Enterprises (SMMEs) are the most active business users of FNB’s online and mobile banking services. FNB Business reports that approximately 50% of SMMEs conduct an average of 20 online and mobile banking transactions per month.

In comparison, on average, big businesses conduct only half the number of online and mobile banking transactions per month. FNB says the trend is understandable due to the complex nature of transactions which are usually conducted by big businesses, classified as entities that have an annual revenue of over R10 million per annum.

The process of transacting is often quicker and more flexible for SMMEs because they tend to process transactions comprising lesser values and volumes. However, despite the difference in user patterns, we always ensure that we provide both big and small business with banking platforms which match their needs. Even though big businesses deal with complex transactions, new solutions such as the FNB Online Banking Enterprise are designed to provide the necessary convenience and security that businesses require,” said Sanjeev Orie, CEO of FNB Business Value-Adds.

From a trends perspective, we are delighted to see businesses being highly active on online and mobile platforms because of the cost-effective nature of these channels. These banking platforms are increasingly playing an important role in decreasing the cost of banking and offer a great deal of convenience for businesses,” he adds.

FNB Business continues to encourage the use of online and mobile banking platforms by businesses in order to minimise administrative burden as well as reduce the cost of banking. Recently, the Bank announced that it will be using its online channel to process applications for BEE certificates in partnership with Empowerdex, to ease the angst in doing business.

Over the last five years, FNB has been acknowledged as a local and global leader in innovation due to its advanced banking solutions. The Bank continues to emphasise and invest in alternative banking platforms to sustainably minimise the cost of banking.

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