FNB helps 2.5-million customers make better financial decisions

FNB customers who use the free money management functionality, nav” Money, on the banking app are more likely to improve their credit status and savings. 

Customers who use the functionality are 23% more likely to improve their credit status, 30% more likely to honour their debit orders, and 16% more likely to start or increase savings on hand.

The findings are based on the money management behaviour of more than 2-million active users of the nav” Money functionality over a period of 12 months.

The free tool includes features such as saving goals, free credit status updates, and automatic categorisation of monthly spend to enable smart budgeting with limit alerts. Since inception, there has been a 56% increase in the number of customers using nav” Money, to reach 2.5-million users. 

Furthermore, nav” Money users have set up 14,000 active saving goals totalling R528m, while more than 200,000 customers have active budget alerts to help them stay on track, and more than 600,000 users are working to improve their credit status.

“The nav” functionality is part of FNB’s efforts to give customers platform-based tools to better manage their money across transactional needs, credit, insurance, savings and investments,” says FNB retail CEO Raj Makanjee.

“FNB is also supporting customers through money management coaching, and these direct engagements have reached over 300,000 customers. The bank is excited to see incremental improvements and commends all customers who take active responsibility to improve the way they manage their money.”

According to FNB money management CEO Senzo Nsibande: “The power of this functionality is that the customer’s financial obligations are consolidated into a single view, particularly those who bank with FNB. The My Net Worth feature was added last year, which is an auto-populated snapshot of a customer’s net assets, with the ability for customers to add assets and liabilities for a more comprehensive overview.

“By leveraging FNB’s data-driven platform, the bank’s smart tools have already made a significant difference for individual customers. FNB believes there is plenty of room to help more customers make smart financial decisions about their short-, medium-, and long-term financial goals.”

This article was paid for by FNB.