Hot on the heels of the Discovery Bank launch, FNB launches new app functionality marrying money management with wellness goals.
As the Fourth Industrial Revolution continues, technology and digital apps are increasingly entering every aspect of our lives. You can now get an app to manage most aspects of your life – from a daily calendar with reminders of appointments to apps that manage your health and of course, apps to help you manage your money.
Not long after President Ramaphosa reiterated that subjects such as coding, robotics and block chain technology would be introduced at primary school level, First National Bank announced an expansion of the nav>> functionality on the FNB banking app to allow consumers to set and track savings, health and fitness goals. Previously named the Best Digital Bank in South Africa as per the Columinate South Africa’s 2018 SITEisfaction report, FNB is renowned in the industry for innovation but faces certain competition from Discovery Bank.
Nav>> was introduced in 2016 to help customers work towards saving for a deposit on a home loan and then managing their home loan. Functionality soon grew to include a nav>>car option. Speaking at the launch in Cape Town yesterday timed to coincide with Savings Month, Raj Makanjee, chief executive of FNB Retail says to date, the bank has helped put more than 10 000 families in homes through nav» Home; nav» Car has 300 000 vehicles loaded while more than 350 000 customers use nav» Money for money management.
“The use of a single platform to help customers with money management and wellness is a first for a bank in SA. We are consistently improving the nav» functionality to help individual customers and families as they navigate life. In addition, we believe that goal-based solutions are central to encouraging customers on their journey,” Makanjee says.
The new uses in the app could be seen as FNB’s answer to Discovery Bank’s recent entry to the market, along with Vitality Money – which allows customers to earn rewards for spending responsibly as well as achieving weekly active reward goals. Having positioned itself as the “world’s first behavioural bank”, Discovery Bank opened its doors the public at the beginning of this month with a targeted onboarding rate of a thousand new customers a day by the end of August.
The new functionality on nav» Money will calculate how much you need to save for a goal, recommend a personalised savings solution and includes the ability to track your savings progress. Recently, FNB reported that some of its customers spend up to 25% of their income paying off interest on debt, indicating levels of indebtedness. “Our goal-based solution offers you the option of 10 main savings goals categories, including: education, emergencies, travel, save to start a business as well as health and wellness – with over 50 different sub categories. You also have an option to create and name your own goal,” Makanjee says.
On the wellness side, you can set up and track your health and fitness journey on the FNB App. First you have to complete a questionnaire to get insights into your wellness score before setting goals to improve your score. A second, nifty feature allows you to order prescription medicine from your nearest Dis-Chem, from within the FNB App, and get notified when it is ready for collection.