FNB has announced that its clients have withdrawn over R79 million via their ‘Cash Withdrawal via Cellphone Banking’ method.
This ‘cardless’ withdrawal method is an innovative solution from FNB which allows clients to withdraw money from an FNB ATM – directly from their transactional account - without needing a bank card.
"We are overwhelmed by the customer take-up of this solution. We believe this is due to the safety and convenience of Cellphone Banking,” said Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions.
Ramlakan believes that the cardless withdrawal is much safer than the traditional method of withdrawing money.
"In hindsight, with Cash Withdrawal there's no risk of card skimming, as the customer does not need to use their bank card at the ATM," adds Ramlakan.
The solution, which is the first of its kind in South Africa and the African market, was launched in March of this year and FNB say that it implemented to make things a bit more convenient for their customers.
"Technology has enabled us to respond quickly and proactively to our customers' needs by providing them with innovative solutions.
“We've found that very few people forget their cellphones at home when going to work for example, but quite often people forget their wallets or misplace their debit cards in the car and only realize they don't have their wallets or debit card when they get to an ATM. Cash Withdrawal becomes the obvious choice in these instances," notes Ramlakan.
Ramlakan believes that banking in South Africa is currently in an exciting phase since it is currently the leader in shaping banking trends in Africa with the added possibility of influencing banking trends globally.
“We are still one of the few countries where the number of cellphone banking users surpass those on online banking and the only one in Africa to offer a cardless cash withdrawal solution."
"There is no doubt that cardless solutions are the future of banking. We expect to see more banks adopt cardless ATM withdrawal solutions in the near future, given the current popularity and market demand for the service," concludes Ramlakan.