Why it is important to do a spring clean of your finances

JOHANNESBURG - Managing money is an administrative nightmare for some and the reason many people do not fulfil their money goals, said head of product and customer value proposition at African Bank, Neil Thompson.

Thompson said as cliché as it was, a spring-clean approach to finances was a good way to start afresh and see money in a different light.

“Banking has become fully centred around busy lifestyles. For example, you do not even have to go into a bank or to an ATM to deposit money into a savings account, you can save online, quickly and easily,” said Thompson. 

“If you have online banking you can simply open your computer, tablet or smartphone and use the online banking app to do all these things and much more – apply for a loan, buy airtime, transfer money, manage your stop orders or open another account. Customers already using online banking will know the advantages – it saves time and is convenient, secure, intuitive and much more. Another big benefit is that online banking services are mostly free.”

Thompson added that people who bank online should ensure they were with South Africa’s best digital bank because a bank that understands what drives customers to online banking is a bank that caters to their needs.

He said the online credit card, online bank loan and fully-fledged online bank were today an integral part of the way people work, play, shop and plan for their futures. 

"This does not mean the brick-and-mortar banks as we knew them do not exist, of course, they do - and their services have also become smarter and more streamlined. There is a percentage of customers who still want human interaction and prefer conducting their money matters face-to-face with a professional," said Thompson.

He said seeking advice from an expert when making a big-money decision was very important, even if a person would be moving their banking online for the first time.

"Reputable banks will have staff who can chat through the process with you and show you how easily you can become an online bank customer and what benefits are in store for you. As a bank which offers its customers a wide range of online services, African Bank acknowledges that some people are sceptical about how secure it is to use internet banking."

Thompson said banks have put a lot of money into security technologies like firewalls, encryption, verifying of account activity, safety features and constantly warning customers about how to avoid cyber scams.

However, the onus was also on the customer to transact securely and with caution at all times.

"Just like giving your house or property a good clean out at the turn of season, why not do the same for the way you interact with your bank? Spring into action by moving your banking online today." 

African News Agency (ANA)