FNB launches new Nav Money tool

FNB has launched has launched its Nav Money tool – a digital solution that helps customers improve and navigate the road to financial fitness.

Accessible on the FNB App, the tool will provide an updated view of the customers financial health; based on three simple views:

  • Track my spend – this feature lets consumers know whether they are spending more than they are earning and provides spend tips to manage their cash flow better.
  • My available funds – lets consumers know what’s left to save and spend after all known upcoming payments. 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 assess various data, including internal information and credit bureau info, to rate a customer’s credit fitness across seven helpful drivers of behaviour. Know exactly what you’re doing right, and where you could improve, with personalized tips on late payments, credit limit usage, your proven track record and more.

“The Nav Money tool is designed to help customers bring their money to life and aims to build on financial awareness; which will help keep people abreast of their spending habits at any time or place. The simplicity and convenience of the tool gives people a simple way to manage their finances,” said Jolandé Duvenage, Nav CEO.

The bank first launched Nav Home in 2016 which has seen 1 million visitors to the platform, with R3.1 billion in pay-outs made. This was followed by Nav car which also has 203,000 vehicles were loaded and 10 500 licence renewals since launch in 2017.

Nav comprises of:

  • Nav Home (2016) – allows customers to search for new homes, get free instant value estimates, pre-approvals, calculators and access to a database of home service providers.
  • Nav Car (2017) – a smart solution that assists customers with their car maintenance needs which includes seamless licence disc renewal with delivery to your door
  • Nav Money (2018) – a digital tool that helps customers manage their day-to-day finances.

“We are in a highly competitive environment that is challenging the way banking is done,” said Duvenage.

“Given this context and the pressures that customers face; we need to ensure that we provide customer-centric solutions that only add to the betterment of our customers lives. Helping our customers navigate their financial journey remains a core focus for the bank.”

Read: 5 ways you can reduce your bank charges using digital channels

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FNB launches new Nav Money tool