FNB Launches Nav›› – A Digital Financial GPS That Puts You in Control of Your Finances

FNB launches Net asset value (nav), the first of its kind digital tool that helps you navigate through your financial journey, simply and innovatively via the FNB Banking App.

Simplifying a customer’s financial journey through new and agile technologies is essential in driving change in our disruptive eco-system. “nav›› is a simple and convenient tool which provides customers with smart ways to make the most of their money, be it in their business or personal capacity, and that can be accessed anytime, anywhere.  Under the concept of a “financial GPS” we will be offering a number of helpful solutions over the next few years by combining finance and technology.  We would like to help point our customers in the right direction when it comes to making wise financial decisions,” says recently appointed, nav›› Chief Imagineer (CEO), Jolandé Duvenage.

Duvenage explains that “Customers today look for value-added benefits from new technologies. When designing the nav›› application we looked at the customer demographic, needs, wants and pain points. We looked at things from our customers’ point of view and considered factors that influenced their behaviour and the world they live in. Creating this emotional connection was important in the overall design of the tool and also determined whether our customers will adopt new technologies and if it would be successful or not.”

As part of FNB’s values of ‘helpfulness’, ‘innovation’ and efficiencies to our customers, nav›› Home was launched as the first phase of nav››. With nav›› Home customers have the opportunity to search for new homes, get free instant value estimates, pre-approvals, calculators and access to a database of home service providers.

“The instant value estimate, calculators and preapproval process via nav›› Home ensures that customers are in control of their finances. The site also offers free area and property reports that are pulled from a number of sources including the bank’s own valuation base built up over years and the Deeds Office to give a comprehensive overview of a suburb or particular house,” explains Duvenage.nav›› Home gives customers control throughout the home buying or selling process and points out direct routes and clever shortcuts to navigating the home journey.

Features on nav›› Home include:

• Free instant value estimates of a home which will help customers know what the property is worth before they make any decisions.
• Assists with buying and selling a home and ensures that customers are not paying too much or selling for too little.
• Search for their perfect home with thousands of listed properties to look at (you are also able to search for homes “nearby” when you are in a specific area, making it easy when you want to search for properties close to work/schools or when you are driving around in an area you like).
• Free area and property reports to help compare prices and neighborhoods;
• The Area Report offers inside information on a particular suburb from the average price of other homes in the selected neighbourhood, the average increase or decrease in property prices, the types of homes and profile of the buyers.
• The Property Report provides a free estimated value of residential properties customers might be interested in. It includes the last bought and sold price as well as an estimated current value calculated. The report is very useful for both buyers and sellers for determining that final selling or offer price.
• Instant home loan pre-approval for qualifying clients which include the maximum home loan they qualify for and the deposit needed.
• Calculators that work out the monthly instalment amount and also give an indication of all the other costs involved.
• Access to a database of home services in their areas e.g. moving companies, plumbing services, landscapers and more.

Financial institutions need to find innovative ways to ensure that customers receive the best service and products possible. “The financial services industry is surrounded by a highly competitive and volatile economic environment. Fuelling this competitive environment is the rise of fintech type business models and start-ups which is challenging the current banking status quo. We need to continue innovating to ensure that we build on our innovations in the market,” concludes Duvenage.