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Investments are a critical component in one’s personal wealth creation journey. While there’s a common misconception that investing is the exclusive domain of the affluent, the reality is quite different. With the advent of technology and the democratisation of financial services, investment has become accessible to everyone, providing a pathway to financial security and growth for individuals from all walks of life.
FNB has been at the forefront of this transformation, with its dedicated Wealth and Investments business steadfastly delivering on a vision to open the world of saving and investing to the wider population in South Africa, and more broadly into the areas of Africa where FNB operates. This has become evident more so today, than before with FNB being ranked the leading bank in in household deposits in South Africa as a result of its world class savings and investments offerings*.
According to Jacques Celliers, CEO of FNB, this commitment has seen FNB increasingly stand out as a premier savings and investment solutions provider, underpinned by its robust easy to use digital investment platforms and tools, its customer-centric approach built on the foundation of impactful money management, and its dedication to delivering on its brand promise of ‘help’.
This strategic approach has delivered significant results for both FNB and its clients, with FNB Wealth and Investments providing investment management solutions to investors, with R320 billion worth of combined assets under management entrusted to the bank and more than R853.6bn on-balance sheet FNB Deposits**. Celliers highlights that, while FNB Wealth and Investments serve a broad range of investors, from retail to high-net-worth individuals, the fundamental philosophy underpinning its relationship with its clients is its commitment to providing integrated advice that delivers positive outcomes consistently over time.
The bank has used its vast customer insights to create an array of digital savings products that enable quick and easy access across multiple channels and cater to the needs of its highly diverse customer base. "Our clients save around R700 million a month with us through scheduled transfers,” Celliers says, “and we help them grow those savings at a collective rate of around R220 million a month through our innovative Bank Your Change solution that automatically adds the small change from their day-to-day transactions to their savings accounts."
He continues and highlights that, “The bank has tailored its products to offer highly competitive rates without sacrificing liquidity, and senior clients enjoy additional growth on Fixed Deposits. In addition, FNB’s market-leading, fully digital Stokvel Savings solution has attracted R8.3bn in savings since it was launched in 2021, with more than 70 000 stokvels leveraging the features and financial benefits of this solution to the advantage of their members.
To further its mission to bring the benefits of savings and investments to as many people as possible, FNB plans to substantially increase its financial adviser network in the coming years, at the same time leveraging its extensive banking presence to offer additional insurance and investment-related products and effectively deliver a one-stop, full-service wealth creation, banking and financial protection offering built on the best advice.
"Our plan to roll out more advisers is part of a broader strategy to convert our private bankers into financial advisers who provide a more holistic service coupled with goal based advise," Celliers explains, “and we firmly believe that such advice-led approach is the best way to make investments a financially rewarding reality for growing numbers of people and families across Africa.”
He explains that “through FNB’s eBucks loyalty program clients can benefit from reduced banking and platform fees, as well as eBucks rewards. We price for value and clients benefit from competitive pricing. As an example, clients who access our solutions through the App without human interaction pay reduced advice fees as opposed to clients who require a face-to-face interaction with an advisor.”
Looking ahead, FNB's vision for 2024 and beyond is to continue revolutionising Africa’s investment landscape. "We are 100% committed to helping people reach their financial goals and undertake their own wealth-building journeys,” Celliers says, “and our advice-led approach means we can do that by helping them manage their debt more efficiently, free up cash for saving and investing, and leverage our digital platforms and one-on-one services to realise their vision of the future they desire.”
This post and content is sponsored, written and produced by FNB.
