FirstRand finds customers favour the app over internet banking
Internet banking is on the wane while smartphone app banking is growing sharply, FirstRand’s interim results released on Tuesday morning showed. FirstRand said the number of transactions done via the internet at retail banking arm First National Bank (FNB) declined by 1% to 104-million, while banking app transactions jumped 66% to 73.6-million and mobile payments grew 3% to 22.8-million. The results statement did not provide figures for how many account holders FNB has, but said its "consumer" customers grew 1%, its "premium" customers grew 12%, and its "commercial" customers grew 7%. FirstRand raised its interim dividend by 9% to R1.30 for the six months to end-December from R1.19 in the corresponding period in 2016. In contrast to other banks, which segment themselves into retail and business banking (RBB), corporate and investment banking (CIB), and wealth and investment management (WIM), FirstRand makes each of these an individually branded subsidiary. Its RBB division is split ...
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