How FirstRand taps innovation to boost its service offerings
First National Bank’s (FNB’s) digital innovation has boosted earnings growth to levels ahead of its peers’ as the group aims to become the financial services equivalent of Amazon. "This journey to become an Amazon is huge for us. And it’s starting to play out," said new FirstRand CEO Alan Pullinger at the group’s results for the 12 months ended-June. The FirstRand subsidiary has been at the forefront of migrating clients from its traditional bricks-and-mortar operation to digital channels that include its website and smartphone app. The next phase has seen FNB offer more diverse products and services on its platform, as well as beginning to gather ever more amounts of data on its clients, which promotes more tailored offerings. "Its built around the primary bank relationship strategy," said FNB CEO Jacques Celliers.
He explained how the relationship generated frequent "interactions" with clients that gave the bank the ability to cross-sell and up-sell products, as well as incr...
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