THE BOTTOM LINE
What is SA’s most digitally savvy bank? No, it’s not FNB
In fact Investec was the first truly branchless bank
If you ask any South African to name the country’s most digitally enabled bank, Investec is unlikely to be the first name that comes to mind.
Most people would probably say FNB, which has consistently been ahead of peers when it comes to digital innovation. Or has at least created that perception thanks to clever and aggressive marketing.
And yet, as Investec pointed out at a rather peculiar media briefing this week, it is a highly digital bank.
In fact, it was probably SA’s first truly branchless bank.Instead of branches, Investec has an army of highly trained bankers who dutifully look after its well-heeled customers.
It also has a sophisticated digital platform, known as One Place, which was the subject of the briefing at the bank’s Sandton headquarters.
Although One Place was launched as far back as 2014, Investec decided it ought to remind journalists why it was built and just how compelling a proposition it is.
Effectively it enables Investec customers to manage all their bank accounts, investments, insurance and assets in, well, one place.
These include accounts or investments with entities other than Investec, effectively giving clients a complete view of their balance sheet.
One Place is undoubtedly nifty, particularly for Investec’s clients who have investments all over the world.
It gives them access to a banker and investment manager. Still, only about 30% of customers are actively using its full capabilities by, for example, adding other accounts to the platform. Perhaps that explains the need for the briefing.