FNB Virtual Card Qorus Banking Innovation Awards 2022

Submitted by

First National Bank

Premium

03/10/2022 Banking Innovation

A virtual card with a dynamic CVV which changes every hour, significantly reducing the risk of fraud. The virtual card can be used for eCommerce, in-app purchases, in-store contactless ‘Tap to Pay’ transactions on supported digital wallets such as FNB Tap to Pay, Apple Pay, Samsung Pay and Google Wallet to name a few.

Innovation details

Country
South AfricaCategory
Reimagining the Customer Experience

Innovation presentation

Delivered as the first product in our new card management application called PowerCARD. The project team was under massive pressure to demonstrate value during the programme and the approach was to identify a business challenge and have the solution formulated from that position. The idea emanated from looking at some of the customer angst we were faced with at the time, found a solution that resonates well with the enterprise strategy of going digital, something that will go on to the billboards like any other FNB innovation, and Virtual Card became that solution.

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