FNB says it is ready to respond to increasing competition by creating new digital features and redesigning its transactional banking products if it has to. “Competition always comes at us either through price or innovation and we always respond to it. There’s no element of a competitive value proposition that is out there today that we can’t compete with. We are fortunate that we are in a good position to respond to anything that comes our way. We can quickly develop new features,” said FNB CEO Jacques Celliers. Transactional banking products include current accounts, debit and cheque cards that people primarily use for everyday transactions. New entrants in the banking space, such as Tymebank and African Bank, want to disrupt this part of banking. Tymebank pointed out at its investor day in February that South African banks were pocketing too much from transactional products. On Tuesday, FNB’s parent company, FirstRand posted a 7% increase in profit to R13.3bn for the six months t...

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