FNB at the forefront of innovative credit solutions

FNB, recently named the Strongest Banking Brand in the World in the Brand Finance Banking 500 2023 report, continues to modernise its platform and value proposition to provide customers with easy and safe financial services. 

The bank recently refreshed its brand, digital interfaces, payment experiences and advice-led orientation to integrated financial services. The next focus area is reimagining the ways FNB helps individuals and businesses with access to credit.

“Responsible credit fuels the modern economy and has a fundamental impact on people and businesses. As part of FNB's advice focus, we want to help customers become financially fit so they can access the right forms of credit to realise their hopes and dreams. We offer a range of short- and long-term credit solutions for businesses and customers' needs,” says FNB CEO Jacques Celliers. 

“We are proud of our credit innovations. From helping first-time home buyers with improved affordability and access to government-backed mortgage solutions, to pioneering market-leading multi-solution scoring capabilities for SMEs — all in a single in-app process.

“The efficiency of the FNB platform and unrivalled digital interface experiences are instrumental in our efforts as customers can access help in a few clicks, 24/7. In this regard, we had 32-million preapproved offers on our digital platform in January and 80% of all preapproved loans are paid out to customers within 10 minutes.” 

FNB expands offering to give credit access 

• Bounce Back Loan: As SA's best SME Bank, FNB is on track to fund R1bn in Bounce Back Loans to SMEs by May 2023. The Bounce Back Loan, which has a government guarantee and low interest rates, has helped SMEs affected by the lockdown, unrest and floods. To date, FNB has extended nearly R900m in Bounce Back Loans. Of this, R262m has been towards funding women in business.

• A stand-alone Aspire credit card 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 R42, the Aspire credit card offers customers the best value for money compared to stand-alone credit cards in the market. The 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 R1,000, allows customers to start their credit journey and build their credit record. This helps them understand how to manage credit and build a profile that gives them access to other credit solutions in the future. This innovative transactional account assists customers with their daily banking and has a credit facility for emergencies, unplanned life events, or getting you through the end of a financially tough month 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 supports businesses and customers with their financing needs for installations aimed at mitigating the affects of load-shedding. It is also introducing a new nav>> Energy feature on the FNB app to help customers with information and a selection of alternative solutions.

• Solar energy loan: Customers can apply for a solar energy loan financed through a new or existing home loan. This allows customers to apply for a loan from R50,000 and up to 15% of their home's value and 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 a 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 to the supplier upfront, 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. In this 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 R970m to date.

“As a responsible financial institution, FNB is committed to making a positive impact in society, and we recognise the challenges of the economic environment on customers. Our aim is to provide customers with ongoing support to help them realise their individual, family and business aspirations. We intend to do this through our extensive range of needs-based solutions.” 

This article was sponsored by FNB.