Independent Online

Friday, May 27, 2022

Like us on FacebookFollow us on TwitterView weather by locationView market indicators

Individuals who use nav» Money on the FNB App more likely to improve credit status and savings

nav» Money tops 2.5 million active users who are in search of better financial health.

nav» Money tops 2.5 million active users who are in search of better financial health.

Published Apr 7, 2022

Share

Individual customers who use nav» Money on the FNB App 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.

Story continues below Advertisement

nav» Money is free money management functionality on the FNB App that helps customers improve their financial health and budgeting. It includes features like 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 usage of the functionality to reach 2.5 million users. Furthermore, users of these features have set up 14 000 active saving goals totalling R528 million, while over 200 000 customers have active budget alerts to help them stay on track, and over 600 000 users are working to improve their credit status.

Raj Makanjee, CEO of FNB Retail, says, "The nav» functionality is part of our efforts to give customers platform-based tools to better manage their money across transactional needs, credit, insurance, savings and investments. We are also supporting customers through money management coaching, and these direct engagements have already reached over 300 000 customers. We are excited to see incremental improvements and commend all our customers who take active responsibility to improve the way they manage their money."

Story continues below Advertisement

Senzo Nsibande, CEO of FNB Money Management, says, “The power of this functionality on our single platform is such that the customer’s financial obligations are consolidated into a single view, particularly those who bank with us. We added the My Net Worth (MNW) feature 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 our data-driven platform, our smart tools have already made a significant difference for our individual customers," Nsibande continues, "and we believe there is plenty of room for us to help more customers make smart financial decisions about their short, medium, and long-term financial goals."

Read here for more information.

Story continues below Advertisement

Share