[South Africa] FNB introduces selfie authentication in account opening
FNB has announced that SMEs can now completely switch or open a new bank account in less than five minutes through selfie authentication and digital KYC on the FNB App.
This paperless cheque account opening process uses biometric technology to validate the business and its owner, allows the SME to order and courier new cards, switch debit orders and setup digital banking immediately.
FNB CEO, Jacques Celliers says, "Today marks a significant milestone in our 180-year history as we move beyond being a digital innovator to a broader contextual platform disruptor. It is through this contextually helpful platform that we can offer holistic financial solutions and become a trusted partner to the broader society. This will enable us to help create a better world for years to come."
Mike Vacy-Lyle, CEO of FNB Business says FNB has worked hard to understand how SMEs operate and the day-to-day challenges they face, which are considerable. We have coined the phrase "businessism" inside FNB, driving our focus on solutions that remove those moments of angst that businesses face - from registering a company and opening a bank account, to applying for credit and managing the businesses daily affairs.
"Our digital solutions now cater for the entire SME value chain via Online Banking Enterprise™ which is linked to the FNB App," he adds.
The focus on fintech has grown significantly on the African continent. Although there are a number of players who actively innovate in the SME market, they often lack scale and fail to deliver a single platform that is convenient and does not pose additional cost, security and administrative burdens.
"Therefore, it was imperative that we not only integrate key solutions, but further incorporate trust and simplicity to our platforms, while ensuring that we do not add complexity in an already over-crowded marketplace," says Vacy-Lyle.
FNB Business continues to receive a positive response from SMEs for the value it provides through its digital platform.
The FNB App now plays a central role in redefining the entire SME customer experience from the on-boarding process, to enabling businesses to manage day-to-day banking, authentications, business administration, service and relationship management. Conveniently, all on one, safe, easy-to-use platform.