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.