AN innovation announced by First National Bank (FNB) recently means small and medium enterprises (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.
Mike Vacy-Lyle, CEO of FNB Business said the bank had 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.”
Vacy-Lyle said the focus on fintech had grown significantly on the African continent. “Although there are a number 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,” he said.