As South Africa comes to terms with life during lockdown, the extended period we all have to spend in our homes is bringing about many changes in the way we live and work. One significant area where these changes are taking place is banking.
The good news for homebound individuals and business owners is that there is much more to digital banking than just checking balances and making payments or transfers. In fact, according to Stelios Vakis, Digital Executive: Nedbank Retail and Business Banking, now is the perfect time to become fully familiar with all the great benefits your digital banking tools have to offer.
1. Put your digital banking tools to full use to help your finances. The convenience and cost-effectiveness of digital banking are more important than ever before. Not only does your bank's suite of digital platforms give you the means to buy electricity, airtime and even Lotto tickets, they also enable you to send money to friends and family members and easily access any relief options your bank offers, like extended overdraft facilities, credit card limit increases, or applications for loan repayment holidays. "If you find yourself in need of a financial boost to get through lockdown, most banks also allow you to apply for a personal loan digitally," Vakis says.
2. Harness digital to help those you love. Many people across the country need financial assistance from their families right now. Vakis points out that mobile wallets like Nedbank MobiMoney are an effective solution to this challenge. This mobile-based account can be opened instantly, from anywhere, by anyone with a valid South African ID number, on a smartphone or feature phone. "With a MobiMoney account, your cellphone number becomes your account number, so you can bank anytime, anywhere," he explains, "and with MobiMoney, you can send or receive money easily to people who need it, pay for electricity or airtime, and even pay your DStv account digitally."
3. Use your banking app to develop a savings habit. Vakis emphasises that, for those who are still earning an income, this is a good time to develop a savings habit to build up a cash reserve for any future emergencies – even if it's only a few rands every month to begin with. "Even the most basic of banking apps will allow clients to set up a savings account and create a repeating monthly payment or transfer into that account," he says. "And by putting your savings on monthly autopilot in this way, and choosing an account that forces you to be disciplined, you'll be able to ensure that you are better prepared for any unforeseen financial challenges in the future."
4. Make easy, contactless payments a habit. At a time when we're all focused on minimising contact with people and public technology, digital banking makes it possible to pay for goods or services without ever having to touch a card machine. Nedbank's scan-to-pay and tap-to-pay features are great examples of this. They allow you to pay for your essential goods without having to hand over your card to a vendor or use a point-of-sale touchpad – all of which helps ensure your safety and those assisting you.
5. Harness digital banking to enhance your lifestyle. "We have long recognised that we have a responsibility to offer more to our clients than just banking services," Vakis explains, "so we offer a range of other app-based services that make life easier and better for our clients." He refers to HeyNed, which is a lifestyle-enhancing digital concierge service, a personal assistant and personal shopper all in one. It can be used to search more than 350 000 suppliers for the goods or services you want, and even negotiates the best price and arranges delivery of your essential goods to your door.
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