Last week, First National Bank (FNB) awarded over R10.5 million to its most innovative employees.
The bank says the employees were awarded for "radically disrupting and introducing game-changing innovations within the financial industry".
A total of R54.5 million was awarded since the launch of the employee programme in 2004. The initiative encourages FNB employees to actively participate and enable the innovation process within the banking industry.
The bank says creating and building on ideas that inspire and disrupt has been a winning formula for the FNB Innovators 2.0 programme.
"Our commitment to innovation best practice has helped benchmark FNB within the industry as well as globally," says Joland'e Duvenage, FNB's innovation head.
"Encouraging our employees to re-invent banking processes and come up with deep-rooted innovations has helped in extending more value to our retail and business clients. This forward-thinking approach helps to keep us ahead of our competitors."
The top winners
The first winner was Life Simplified + Digitising Life Insurance. FNB says Life Simplified uses existing bank data to streamline the take up process of life insurance, and creates end-to-end automated processes for the best customer experience.
Digitising life insurance is about offering life insurance to FNB customers via the bank's digital platforms. Customers can either apply online or on the FNB App, from the comfort of their couch.
The other winner was Multicurrency. The bank points out this innovation fuelled the building of an enterprise-wide, generic multi-currency platform that leverages existing systems, policies and processes.
It gives customers full control over their account and funds, and ensures a unified customer experience between the base currency and the foreign currency, says FNB.
Nav>> was the other winner. Making customer lives easier, nav>> provides smart disruptive solutions on the FNB App and is designed to help customers make the most of their money and innovatively address angst in their daily lives.
The bank notes that nav>> Home makes the home buying and selling journey a lot easier, and nav>> Car assists with car maintenance solutions including licence disc renewal, among other tools.
"Ideas grow best when shared in the most collaborative environment which enables all aspects of innovation. Incorporating innovation in all of our digital platforms has increasingly empowered our customers to manage their banking at any given time or place. This seamless integration and digitisation remains a core strategy of the FNB digital journey," says Duvenage.
The FNB Innovators programme has seen over 10 000 implemented innovations to date and remains central to the FNB growth strategy as it enables the bank to deliver on its brand promise of "help", says FNB.
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