POOR money management is a major cause of stress.
To help people manage their finances better, FNB launched a digital solution – nav» Money.
The first was nav» Home. It was launched in 2016 and handles R3,1 billion for one million users.
This was followed by nav» Car in 2017 which monitors 203 000 vehicles and 10 500 licence renewals.
Jolandé Duvenage, the nav» CEO, said all Mzansi people need to be financially literate.
“The nav» Money tool is designed to make people aware of their spending habits.”
She said with changing market dynamics and high digital adoption rates, they need to make sure that their services are relevant, innovative and easy-to-use.
This tool will provide an updated view of the customers financial health based on three views:
Track my spend: this feature lets clients know whether they are spending more than they are earning and provides tips to manage their cash flow better.
My available funds: This tells people what they are saving after all upcoming payments are done.
All the scheduled payments and debit orders are taken into consideration and if you are experiencing a shortfall, you can access other funds available like eBucks, savings, and credit – all-in-one useful place.
My credit status: FNB checks data, including internal information and credit bureau information, to rate a customer’s credit fitness in seven categories of behaviour.
“Whether spending or saving, we need to be on top of the money management game.
“Given the pressures that people face, we need to make sure that we provide customer focused solutions that only add to the betterment of their lives.”
