{"id":24524,"date":"2012-10-18T13:45:46","date_gmt":"2012-10-18T11:45:46","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=24524"},"modified":"2012-10-18T14:00:13","modified_gmt":"2012-10-18T12:00:13","slug":"fnb-hails-ebucks-landmark","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/24524\/fnb-hails-ebucks-landmark\/","title":{"rendered":"FNB hails eBucks landmark"},"content":{"rendered":"

First National Bank (FNB<\/a>) has\u00a0announced\u00a0that members of its\u00a0eBucks<\/a> reward programme have spent R2 billion worth of eBucks since its inception in 2000, with spend doubling in the last three years alone.<\/p>\n

The offering now extends to 2.7 million members who have earned R2.7 billion in eBucks rewards, the lion\u2019s share of which has been allocated by FNB, the banking group said.<\/p>\n

Speaking at an event in Sandton to mark the milestone, eBucks CEO Joland\u00e9 Duvenage<\/a>, said that consumers have become far more “savvier” around rewards\u00a0programmes, incorporating\u00a0 rewards into their everyday life. She said that eBucks rewarded those who showed smarter financial\u00a0behaviour.<\/p>\n

Duvenage noted that the eBucks milestone is particularly significant because of the retail industry\u2019s slowing growth, low consumer confidence levels\u00a0and challenging economic conditions.<\/p>\n

The eBucks spend-to-earn ratio exceeds 80% in any given month, meaning that more than 80% of eBucks earned, are spent. This is a clear indicator of healthy member activity when compared to the industry\u2019s benchmark in developed economies, where the average spend to earn ratio is estimated to be between 60% and 70%, FNB said.<\/p>\n

The bank highlighted the addition of Engen as a partner in November 2009 which has had a significant impact on eBucks spend, with approximately R90 million worth of eBucks spent on fuel since then.<\/p>\n

FNB\u2019s CEO Michael Jordaan<\/a> said:\u00a0\u201cWhat is exciting for us is that we have also seen our customers adopt a change in banking behaviour, with members keeping their FNB cards front of wallet to pay for their purchases, so that they earn eBucks.”<\/p>\n

Future growth<\/strong><\/p>\n

In light of the programme\u2019s growth trajectory, Duvenage expects exponential growth for eBucks over the next five years as it continues to evolve with the local market and offer a programme that is increasingly relevant and rewarding to members and business partners.<\/p>\n

\u201cWe are also working closely with FNB to strengthen the bank\u2019s strategy of offering value-added products and services as part of its customer acquisition and retention drives, whether that is locally or further afield on the African continent,\u201d she said.<\/p>\n

Jordaan said: “We see it eBucks growing as it has been,” adding that the group would also target borders outside of South Africa. He said that FNB would aim to roll out eBucks in every country in which it operates, spanning eight countries in Africa, and in India.<\/p>\n

Related article<\/strong><\/p>\n

FNB eBucks: take it or leave it<\/strong><\/a><\/p>\n

eBucks changes aggravate FNB clients<\/strong><\/a><\/p>\n

FNB online banking surges 27%<\/strong><\/a><\/p>\n

FNB Connect intros free VoIP, app data access<\/a><\/strong><\/p>\n

Top online banks in South Africa<\/a><\/strong><\/p>\n

FNB takes banking to Facebook<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

FNB’s eBucks users have spent R2 billion worth of eBucks since its inception in 2000, with spend doubling in the last three years alone due to financially savvy customers.<\/p>\n","protected":false},"author":9,"featured_media":4615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[899,76,26,4391,1639],"class_list":["post-24524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-ebucks","tag-fnb","tag-headline","tag-jolande-duvenage","tag-michael-jordaan"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/24524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=24524"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/24524\/revisions"}],"predecessor-version":[{"id":24532,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/24524\/revisions\/24532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/4615"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=24524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=24524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=24524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}