FNB’s latest banking app statistics reveal that the youth market, age 18 – 25 years, have shown the highest growth in app uptake and usage with an 8% increase from 6% in 2011 when it launched, to 14% this year – the highest growth across all age demographics.
According to Giuseppe Virgillito, Head of Channel, Banking App, FNB Mobile and Connect, “18 – 25 year olds now account for 14% of active users on the platform, which correlate with the growth in cheque accounts for this age group.”
As of 31 December 2013 the FNB Banking App saw growth of over 100%, according to FirstRand’s interim results announced this week. It reached the 750 000 active user mark early in 2014 and is still showing a month-on-month increase in number of transactions and active app users. Although cheque account users aged 18 -25 is small in comparison to other FNB customer groups, the portion of this market has also doubled since 2011. Their behaviour revolves around day-to-day transactions such as balances, payments, transfers, prepaid airtime, data and SMS purchases.
“We think that the growth in this market is down to the characteristics and trends shown by the two different generations that overlap within this age group. Generation Z, also known as digital natives, were practically born with smartphones in their hands and will naturally adopt digital banking trends once they open their own bank account. On the upper end of the age group are the Generation Y group or “millennials”, who are young, working and have adopted digital channels with ease and for on-the-go banking,” Virgillito. says.
Want to continue this conversation on The Media Online platforms? Comment on Twitter @MediaTMO or on our Facebook page. Send us your suggestions, comments, contributions or tip-offs via e-mail to firstname.lastname@example.org or email@example.com