First National Bank (FNB) aims to boost financial literacy by introducing My Advisor, a digital financial guidance tool aimed at helping South Africans better understand and manage their finances amid growing economic pressure.
Available via the FNB mobile app, the AI-powered tool uses customers’ existing banking data to provide contextual financial insights, helping users connect financial goals with everyday money decisions through a personalised financial view.
The My Advisor platform consolidates insights across spending, saving, debt, insurance, wealth and retirement planning into a single financial wellness dashboard. Customers can also access budgeting tools, calculators, eBucks insights, will creation services and goal-tracking functionality.
Speaking at the launch in Johannesburg, Keshani Ganasen, integrated advice CEO of FNB, said the new feature reflects a broader shift in how financial services institutions should support customers.
“The platform helps customers identify areas of immediate cash flow pressure and helps them better understand their spending habits.
“How many people look at their bank statements regularly? How many people have a budget? Customers often underestimate how often they use their money; it just ‘flows like water’. The platform aims to introduce more structure and put some guardrails in place, in order for them to become more disciplined with their spending.”
FNB’s long-term objective is to “democratise financial wellness” by helping customers move from financial stress to stability and ultimately long-term financial resilience, she added.
Several South African banks already offer a similar in-app financial literacy tools, including Capitec, Discovery Bank, Nedbank and Absa.
The launch comes as financial literacy and household financial distress remain major concerns in SA.
According to the Financial Sector Conduct Authority, one in two South Africans still struggle with basic financial literacy despite widespread access to banking services.
FNB says more than 47% of its retail banking customers earning up to R750 000 annually are showing signs of financial distress, underlining the need for more accessible financial guidance.
Ester Ochse, integrated advice product head at FNB, pointed out that customers are increasingly looking for greater clarity, confidence and control over their finances.
“By giving customers a clear, holistic view of their financial reality, along with practical tips on how to adjust their behaviours around their finances, the platform empowers them to take informed action at every stage of their journey, from managing month-to-month pressures, to planning for long-term goals,” she said.
FNB says the platform is structured around different stages of financial progress.
Ochse noted that one of the biggest barriers to financial support remains the perception that financial planning is complex or judgemental.
“My Advisor removes that pressure. It’s designed to be supportive, accessible and grounded in real-life financial journeys, helping customers build confidence and capability over time.”
Share
