Nedbank's MyPocket feature lets your savings go into auto-pilot
DURBAN - With 2020 now in full swing it can assumed that, based on a study by the University of Scranton, most people have given up on their new year’s resolutions and that an average of just 8 percent will achieve theirs.
However, when it comes to sticking to life goals, having a digital ally that can help people achieve the financial vision they have set.
"Most of us think of our bank's digital app as merely a convenient way to make a payment or do a transfer but most banking apps have features that can help in making the most of our finances. We just need to start using them to their full potential," said Stelios Vakis, Executive: Nedbank Retail and Business Banking - Digital.
For starters, Vakis points to a number of features that allow banking app users to easily and affordably get into the habit of saving money.
Vakis said, "Even the most basic of banking apps will allow customers to set up a savings account and create a repeating monthly payment or transfer into that account".
"Which means you can literally get your savings going on auto-pilot, and if you do this immediately after your salary is deposited into your account, the better," he added.
He points out that Nedbank has taken this auto-saving concept a few steps further with its MyPocket feature, which allows app users to create 'compartments' linked to their main transactional account and then automatically move funds into these pockets where the balances earn interest of up to 5 percent.
And when users are ready to 'graduate' from savings to long-term investments, most banking apps make that process quick and easy. For example, Nedbank clients who are app users can open an investment account digitally, in a matter of minutes, and then set up the same automatic deposit or transfer functionality as they have with their savings account.
Vakis emphasises that banking apps, in addition to these transactional capabilities, also offer a range of great finance tools, and have taken the hassle out of applying for, home loans and vehicle finance, to travel.
He recommends using the built-in dashboards and transaction details to monitor your accounts. "In the not so distant past, customers had to wait until they received their bank statements or log in to their internet banking accounts to check on their transactions but an app puts all that information at your fingertips. Which means it's the best way of balancing your budget or making sure that there aren't any unexpected or unwanted transactions on your accounts," said Vakis.
He added, "We've even taken the communication convenience of our app to another level with HeyNed, a lifestyle enhancing concierge service which searches more than 350 000 suppliers for the goods or services, and even negotiates the best price".
Research into failed resolutions has generally found that most people lose sight of their goals because they just don't know how to take them from well-intentioned resolve to determined action. Digital banking platforms, offer people all the easy, accessible and free tools they need to take that important step, and then they help people stay motivated and fully in control.
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