First National Bank’s (FNB’s) nav» money applet/tool is now used by five million customers, the bank said yesterday.
A flagship within the FNB banking app, the nav» digital platform was introduced in 2016, consisting of tools that help customers manage their finances, assets and wellbeing, as well as their impact on the planet.
At the time of the platform’s launch, former FNB CEO Jacques Celliers stated the bank would offer several solutions over the next few years by combining finance and technology.
Nine years on, the ecosystem is now made up of nav» money, car, home, earth, energy, marketplace, care, and the newly-launched nav» graduate.
Each of the “buckets” are designed to provide customers with information, coaching, access to financing, and other tools they need, according to the bank.
FNB says nav» money − which allows customers to track auto-categorised spend, set budget alerts, view free credit status and set saving goals − has now reached five million users, with one million having joined in the past 12 months.
In addition, over three million nav» money users are in the segment of customers who earn up to R750 000 per annum, with 1.1 million smart budgets having been set up through the tool, notes the bank.
“Over the past nine years, we’ve focused on innovating solutions that go beyond traditional banking,” says Jolandé Duvenage, FNB chief imagineer for nav».
“The vision of holding our customers’ hands or having their backs as they make some of the biggest decisions in their lives continues to be our North Star. Whether they’re a first-time graduate, renovating their first home, growing their net worth or concerned about their impact on the environment, we want to find ways to help them achieve their goals.”
According to Lytania Johnson, CEO of FNB personal segment, data shows that 600 families have found homes using nav» home every month since December 2023.
“Financial inclusion starts with the responsibility for banks to provide tailored solutions that will enable customers to make smart and significant changes in their financial planning.”
Duvenage and Johnson comment that the bank remains focused on leveraging technology to create solutions that address evolving challenges, from financial inclusion, to sustainability.
“We approach new functionalities in two ways…by equally going back to existing solutions, and considering how the world is moving and the changes that need to be made, to stay up to date and be relevant in terms of those specific solutions. There’s a constant product market-fit effort happening,” says Duvenage.
“For example, the youth-focused solution considers what the graduate needs, but we’re obviously excited about the whole youth population. We are looking at what other solutions can we bring to the rest of the youth population.
“We have our themes [tools] but consider the relevant gaps that are there and what customers are telling us. What also works well is that we have space within the solutions where customers can tell us what is and isn’t working for them – and what additions they would like to see.”
The focus now is to take what already exists and make it smarter and relevant, adds Duvenage.
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