After a year that reduced people with stable incomes to a fraction of what they used to be, banks know that the only way to bounce back is to take market share from one another.
As the first retail bank to publish its results, FNB showed that the industry took a huge knock, on all fronts.
FNB's transaction volumes were significantly affected by the lockdown. ADT and ATM volumes were down 11%, internet banking volumes were down 5%, and so on. The only exception was banking app volumes which grew by 22%, which is not a huge generator of transactional income such as ATM withdrawals.