FNB goes Web 2.0

By Siyabonga Africa, ITWeb junior journalist

Johannesburg, 19 Mar 2009

First National Bank (FNB) has unveiled an interactive Web site aimed at delivering comprehensive financial information to its users.

The bank plans to reach more than 30 000 users in the next six months and one million page impressions a month within three years.

The site features Web 2.0 tools such as blogposts, multimedia videos and discussion forums. It was in beta testing in December and went live yesterday.

Gisele Wertheim-Aymes, FNB's head of media, says the idea came out of a need to create conversations with its customers to ascertain pertinent issues.

“FNB aims to help 'empower' South Africans to make their own informed decisions relating to their personal finances via the Web.”

Wertheim-Aymes says in a statement the key concept behind the Web site is “financial Ubuntu”, which entails creating an online community that shares personal finance trials, tribulations and 'learnings'. She adds information from credible sources will be aggregated on a single platform and shared.

Among the means of communication on the site, users will be able to post questions on the forums and get fast responses to their financial queries.

“While this forum is unchartered territory for a bank in SA, we have taken this bold step as we believe it is in the best interest of our clients and the South African community at large,” says Wertheim-Aymes.

High hopes

FNB says it will leverage its flagship Web site to attract users onto its new online community. The bank says the consumer Web site sees more than 12 million transactions a year and the social networking portal already has more than 300 registered users.

“We don't expect to get more than 1% of the users that frequent our consumer Web site,” says Wertheim-Aymes. “Yet we do expect a large uptake of our social networking site. The site is for every man on the street. As this is a new concept, it is hard to estimate as there is no comparator out there.”

The statement notes the Web site was developed by FNB's internal Web team, and the content is generated and managed by an unnamed external team.

“FNB has chosen the Web as its main means of communication because it facilitates a conversation with communities through relevant content. It's all about exchanging information, not delivering a marketing message,” adds Wertheim-Aymes.

Managing the channels

World Wide Worx MD Arthur Goldstuck says the Web site will succeed if users' inputs are incorporated in FNB's strategy. Goldstuck adds this would help change the perceptions banks have of their customers.

“The benefits of Web 2.0 are not the technologies that one can use, but the communication channels which are opened up, and these can only become beneficial to a company when they are integral to its strategy.”

Goldstuck says the key to maintaining a strong Web 2.0 strategy is to manage the channels of communication well after the initial adoption phase. He adds that early users will be the ones who drive the enthusiasm over the new service and they can be used to bring in more users.

“Once the early adopters are enticed by the service, then it will open up to the mass market.”