CAPE TOWN – Insurance group Momentum has set its sights on transactional banking, with the announcing recently that it was in the process of evaluating banks with which it could partner to gain access to a banking licence.
Asked what was driving Momentum to transactional banking and how this move would benefit clients Momentum’s executive head of Transactional Banking, Megan Harrison said Multiply by Momentum was the only integrated lifestyle management solution in the country that brings health, safety and finances into one platform and rewards clients with discounts from retail partners and Momentum products.
Harrison said Multiply was about helping clients form good habits around their lifestyle. “We also want to help our clients with their everyday finances, from improving their spending habits to starting or building on their short-term savings.
“Our new savings led digital bank is sure to help us attract new digital-savvy clients to Momentum. From a Momentum perspective, the opportunity exists for clients to get financial advice and reinvest their savings into other Momentum financial solutions.”
Harrison explained that the transactional banking solution allowed clients to effortlessly receive and grow their Multiply Reward and product cashbacks. “Clients benefit by getting immediate access to their money and a good interest rate while they save or decide what to do with their money.
“For everyday South Africans, we want to help them kick-start their savings through breadcrumbs savings where individuals can get a great rate from the first cent. We want to have a leading rate for amounts of less than R20 000. And finally, we want to make it easy for clients to use their money when they are ready without incurring unnecessary fees.”
The insurer said it was in the process of evaluating banks with which it could partner to gain access to a banking licence and was considering all options regardless of the size of the bank.
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