FNB’s easy digital foreign exchange rated best in SA
Foreign exchange transactions by customers using digital channels has increased by 90%
The value of providing trusted and easy-to-use contextual financial solutions on platform was once again confirmed at the end of 2020 when First National Bank (FNB) and Rand Merchant Bank (RMB) took home the award for the Best Foreign Exchange (FX) Provider in SA, for the fifth year in a row.
FNB’s FX-related activity has over the years shown significant growth, especially with payments that originate on digital platforms. As at June 2020, FX transactions by individual customers using digital channels such as the FNB app and online banking increased by 90%.
FNB CEO Jacques Celliers says: “The world we live, work and transact in is transforming at an eye-watering pace, driven by access to huge amounts of data, rapidly evolving technology, and digitally enabled customers. This is creating a step-change in the expectations of banking customers, who increasingly demand instant access to products and services that simplify complex transactions while adding tangible value to their lives.
“FX transactions can be daunting for many people and businesses, and we’re aware that banks and other FX providers have been guilty of adding to these fears by making transactions complicated, jargon-filled and unappealing experiences.”
FNB’s leadership in the FX space is a direct result of the bank’s decision to change this paradigm and work to make all processes and transactions involving foreign currencies simple, easy and uncomplicated for individuals and businesses. Celliers says this commitment has extended across all FX solutions offered by the bank, from straightforward purchases of currency for travel purposes to non-resident money management, offshore investments, global payments, and import and export trade transactions.
“Our significant investment into integrating advanced technology into our platform-based business has allowed us to transform the FX landscape and the experience of all our individual and business clients in recent years, effectively empowering those clients to meet their currency needs, optimise their personal or business cashflows, and mitigate their risks, anywhere in the world.”
For more information, visit the FNB website.
This article was paid for by FNB.
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