FNB’s solution to South Africa’s savings crisis hits major milestone

FNB’s nav», a smart digital tool available to FNB customers, has reached 5 million users, with R1.35 billion in savings goals pledged.

FNB nav» guides users through various financial goals and experiences. For example, FNB nav»’s Money tool helps clients budget, check and improve their credit status and stick to savings goals.

The offering was launched in 2016 and recently hit the 5 million customer milestone.

At a media roundtable event announcing this achievement, FNB nav» chief imagineer Jolandé Duvenage highlighted the severity of South Africa’s savings crisis.

She revealed that only one in five South Africans has one week’s emergency savings, and 85% of citizens do not have wills.

She explained that these are the problems FNB nav» enables customers to address.

For example, Duvenage revealed that 1.1 million smart budgets had been set up through nav»’s offering, and over 50,000 wills have been drafted. In addition, R1.35 billion in savings goals have been pledged.

Of FNB nav»’s 5 million customers, 3 million are clients of FNB’s Personal segment, meaning they earn between zero and R750,000 per annum. Notably, one million of these users have joined in the past 12 months.

“The exponential lift seen in the number of users on the nav» platform in the past year is testament to the helpfulness and tangible value our tools bring to the lives of our customers,” FNB Personal Segment CEO Lytania Johnson said.

She was particularly proud of FNB nav»’s Home offering. Since December 2023, 600 families have found homes using nav» Home every month.

“In a country with some serious economic and socio-economic challenges, and with a shortage in affordable housing being among the most pressing, it’s humbling to know that our innovation is helping to bring dignity, pride and shelter to them at inspiring rates.”

“As part of our brand’s ethos, we strongly believe that help changes everything in the lives of our customers, and through platforms such as nav», we’re truly able to live out our promise of help.”

“Financial inclusion starts with the responsibility for banks to provide tailored solutions that will enable its customers to make smart and significant changes in their financial planning.” 

FNB nav»’s CAR offering

FNB nav»’s CAR offering, which allows customers to renew their licences and access vehicle financing, has also been a significant success.

Duvenage said customers have completed over 500,000 license renewals and that the offering boasts the biggest virtual garage in South Africa, with 1.2 million cars.

Other tools offered by FNB nav» include Earth, Energy, Marketplace, Care and the newly launched nav» Graduate.

“Each of these buckets is designed to provide customers with information, coaching, much-needed access to financing, and other valuable tools they need as they progress through different life stages,” the company explained.

Johnson described it as “real help that solves real problems”.

“As part of our brand’s ethos, we strongly believe that help changes everything in the lives of our customers, and through platforms such as nav», we’re truly able to live out our promise of help,” she said.

To mark its 5 million customer milestone, FNB launched an integrated in-app and social media campaign offering new and existing customers the chance to win prizes, including a crossover SUV, fuel for a year in eBucks, gaming consoles, smartphones, as well as vouchers for food and apparel. 

“As we celebrate this milestone, we’re also excited to give back to our customers by adding value to their lives beyond banking and rewarding their loyalty,” Duvenage said.