FNB eBucks reward milestone

·9 Apr 2013

FNB says that the members of its reward programme eBucks, have earned R3 billion worth since its inception in 2000.

The service is also offered to RMB Private Bank’s clients, but the vast majority has been allocated by FNB.

According to eBucks CEO Jolandé Duvenage, this milestone is a significant achievement given that the number of eBucks allocated to members has tripled over the last five years.

eBucks celebrated the R1 billion milestone in March 2008, reached R2 billion in August 2011 and it took just 18 months to reach the next billion.

“This R3 billion milestone is a great example of how our members are getting meaningful value from their eBucks”, Duvenage said.

Together, the eBucks allocations for fuel and airtime purchases have contributed to over R226 million since the launch of these earning opportunities, FNB said.

“These are very real benefits, which have helped reduce two areas of basic and ongoing everyday expenditure for our members – the costs of travel and communication,” Duvenage said.

The company lead for its reward programme says that the eBucks average spend to earn ratio can exceed 80% in any given month, a clear indicator of healthy member activity and engagement.

When compared to the reward industry’s benchmark in developed countries, it averages between 60% and 70%.

According to Michael Jordaan, FNB CEO, eBucks is an integral component of FNB’s broader strategy to offer its customers increased value for their positive banking behaviour and in turn reward them accordingly.

It is also a key element of the bank’s switching campaign and is used to encourage prospective customers to sign up with FNB.

“FNB customers remain the primary beneficiaries of the R3 billion earned to date. As a bank, we always look at various ways to help our customers by creating innovative solutions that puts money back in their pockets, and we are delighted to have made such a real difference in our customers’ lives through eBucks,” Jordaan said.