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FNB reimagines access to credit to help customers meet their needs

FNB reimagines access to credit to help customers meet their needs
27-03-23 / Tau kaVodloza

FNB reimagines access to credit to help customers meet their needs

Johannesburg - FNB, the world's strongest banking brand*, is continuing its journey of modernising its platform and value proposition to provide customers with helpful, easy, and safe financial services. FNB recently refreshed its brand, digital interfaces, payment experiences, and advice-led helpful orientation to integrated financial services. The next area of focus is on reimagining the ways in which it responsibly helps individuals and businesses with access to credit to meet their needs.

Jacques Celliers, FNB CEO, says, “we are proud of our continued innovations with respect to credit. Helping first-time home buyers with improved affordability and access to government-backed mortgage solutions, or pioneering market-leading multi-solution scoring capabilities for SME’s, all in a single in-app process, are examples of innovations we are proud of.

"The efficiency of our platform and unrivalled digital interface experiences are instrumental in our efforts, as customers can access help in a few clicks, 24/7, with no hassles or paperwork. In this regard, we had 32 million pre-approved offers on our digital platform in January alone, and 80% of all pre-approved loans are paid out to customers within 10 minutes.”

FNB expands its efforts to enable access to credit

  • Bounce Back Loan:  As South Africa's Best SME Bank, FNB is on track to fund R1 billion in Bounce Back Loans to SMEs by May 2023. The Bounce Back Loan, which has a government guarantee and low interest rates, has been of great help to SMEs affected by the lockdown, unrest, and floods. To date, FNB has extended nearly R900 million in Bounce Back Loans. Of this, R262 million has been towards funding Women In Business.
  • A standalone Aspire credit card that allows you to earn eBucks rewards and access SLOW Lounges when you purchase tickets via eBucks Travel. You can also create a virtual card that is safely stored on the FNB App, and some of your virtual card purchases will qualify for Purchase Protect, a value-added insurance that covers your items against theft and damage. With a low monthly fee of only R42, the Aspire credit card offers customers the best value for money compared to standalone credit cards in the market. The overall Aspire value proposition for middle-income customers was recently recognised in an independent report as a market-leading solution in terms of value for money.
  • A FNB Fusion account with a starting credit limit of R1000 allows customers to start their credit journey and build up their credit record. This is critical in allowing them to build up an understanding of how to manage credit and then build the credit profile that gives them access to other credit solutions in the future, based on their needs. This innovative transactional account assists customers with their day-to-day banking and has a credit facility for emergencies, unplanned life events, or getting you through the end of a financially tough month to cover bills with zero interest for 30 days. Customers earn more eBucks and have access to credit card equivalent benefits, such as travel insurance.

Helping customers with their alternative energy needs

FNB continues to support business and individual customers with their financing needs for installations aimed at mitigating the impact of loadshedding. It is also introducing a new nav>> Energy feature on the FNB App to help customers with information and a selection of alternative solutions. Amongst others the energy value propositions include:

  • Affordable energy solutions for as little as R149 per month: Customers can now access a wide range of alternative energy and back-up power solutions on the FNB App and pay for it over 24 months. The service is enabled through FNB Connect and customers will soon receive pre-approved offers for these options too. There is no paperwork, as the entire process is fully digitised and accessible through the bank’s platform that customers trust. This is an excellent opportunity for customers who may not have the funds available to buy a solution outright for their energy needs.
  • Solar energy loan: Customers can now apply for a solar energy loan financed through a new or existing home loan. This enables customers to apply for a loan starting at R50,000 and going up to 15% of their home's value to finance the installation of a solar energy system from a pre-screened list of reputable renewable energy providers. The customer’s property valuation will be increased to cater for the future installation of the solar energy system. The amount of the solar energy loan will be added to the customer's bond and recorded as a single loan at interest rates that align with their credit profile. FNB will pay the deposit directly to the supplier up front, so the customer will not be out of pocket unless there is a difference between the approved loan amount and the cost of the renewable energy solution selected by the customer, in which case the customer pays the difference or selects a more affordable solution. The new solar energy loan solution complements existing ones, such as the ecoEnergy home loan solution, which was introduced in 2021 and has paid out R970 million to date.

"As a responsible financial institution, we are committed to making a positive impact in society, and we recognise the challenging impacts of the current economic environment on our customers. Our aim is to provide customers with ongoing support to help them realize their individual, family, and business aspirations. We intend to do this through our extensive range of needs-based solutions," Celliers concludes.

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