As the Fourth Industrial Revolution (4IR) continues to take hold, technology and digital apps are increasingly entering every aspect of our lives. There is now an app for everything; from diary planning to wellness and, of course, money management.
Traditional banks like FNB, Absa, Standard Bank and Nedbank are closing branches and expanding on digital functions as the likes of new digital players such as Bank Zero, TymeBank and Discovery Bank enter the fray.
First National Bank is the latest to make an announcement about the expansion to the nav>> functionality on its app to include the ability to track and manage health and fitness as well as money management.
The nav>> home functionality was introduced by FNB in 2016 to assist customers in saving for a deposit on a home loan and then, once approved, managing that loan. This then grew to include a nav>> vehicle financing option and a nav>> money for money management.
Speaking at the launch in Cape Town on Monday, timed to coincide with savings month in July, Raj Makanjee, chief executive of FNB Retail, says that to date, the bank has helped put more than 10 000 families in homes while more than 350 000 customers use nav>> money to manage their finances.
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.
Newly-launched nav>> wellness helps customers to set and track fitness goals after completing a questionnaire to give the person an idea of where they stand from a health perspective and to allow them to set goals accordingly, to improve their score.
According to Makanjee, the use of a single platform to manage money and wellness is “a first for a bank in SA”. He makes specific reference goal-based solutions and adds that this is central to encouraging individuals on their journey.
In the recently published Global Wellness Index, South Africa scored poorly for life expectancy, alcohol use, depression and diabetes. Latest statistics from the World Health Organisation show that South Africans have a 26% probability of dying from cardiovascular disease, cancer, diabetes, or chronic respiratory disease between ages 30 and 70.
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. The bank says it has also negotiated discounts with health and wellness partners to help customers with savings.
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 on-boarding rate of a thousand new customers a day by the end of August.
The new functionality on FNB’s 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.