At the top of 2020 FNB introduced some new functionality to its app in the form of nav>>Money. The launch of this feature was meant to assist customers in improving their finances and it appears as if it has done just that.

Over the last year FNB has been observing how customers make use of the nav>>Money tool and it found some interesting developments. First, customers who use nav>>Money are 23 percent more likely to improve their credit status, 30 percent are more likely to honour their debit orders and 16 percent of customers are more likely to start or increasing their savings.

While gamification can be hit or miss, it’s seems that FNB’s application of gamification in its app has worked.

The nav>>Money tool is incredible simple and gives customers an outlook on what their current financial situation is. Customers can also set savings goals and check their credit status for free.

“The nav» functionality is part of our efforts to give customers platform-based tools to better manage their money across transactional needs, credit, insurance, savings and investments. We are also supporting customers through money management coaching, and these direct engagements have already reached over 300 000 customers. We are excited to see incremental improvements and commend all our customers who take active responsibility to improve the way they manage their money,” chief executive officer at FNB Retail, Raj Makanjee, said in a statement.

Since launching in 2020, FNB has seen a 56 percent increasing in usage of nav>>Money with the tool now being used by some 2.5 million users. The bank adds that 200 000 users have active budget alerts and 14 000 saving goals have been created totalling R528 million in aspirational savings.

It’s good to see tools like this landing well and hopefully FNB has more tools in the works that make keeping a handle on finances a bit easier.