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FNB intros ‘digital’ garage for peer-to-peer car sales

Read time 4min 20sec
FNB CEO Jacques Celliers.
FNB CEO Jacques Celliers.

Consumers can now use First National Bank’s (FNB’s) nav» Car applet to buy and sell their vehicles to their peers, as the bank expands the functionality of its smart nav» tools.

FNB this morning unveiled the new services that have been added to the nav» ecosystem, including a single nav» Marketplace for home, car and services.

Launched in collaboration with vehicle finance and insurance provider WesBank, thenew nav» Carpeer-to-peer marketplace allows customers to list their vehicles, get an instant value estimate and chat with thousands of pre-selected potential buyers.

"In addition to our existing lifestyle offering, which includes telco and travel on the FNB app, the smart nav» tools demonstrate our commitment to delivering contextual innovations to our retail and commercial customers via our trusted digital platform,” says FNB CEO Jacques Celliers.

“As an integrated financial services provider, we believe there is a great opportunity to create smart connections among customers through our dynamic data capabilities and single secure platform. This is all enabled through the power of being a platform business.”

Available via the FNB mobile app, which accounts for over four million users, the nav» ecosystem of tools was introduced in 2016, with the bank describing it as a 'financial GPS' that provides customers with smart ways to make the most of their money.

At the time, Celliers indicated the bank will offer a number of solutions over the next few years by combining finance and technology.

Customers can also get their car’s roadworthy inspection sorted thanks to FNB’s partnership with Dekra, says WesBank Motor CEO Ghana Msibi. In future, the marketplace will ramp up to include WesBank’s dealer network, he adds.

The car peer-to-peer marketplace is currently live, reveals Msibi. “The expansion of nav» Marketplace to include the car peer-to-peer marketplace is our way of looking holistically at the journey of vehicle owners and buyers, and we’ve identified contextual and simplified solutions for our customers.

“Through nav» Car, we’ve already renewed and delivered over 70 000 licence discs during the pandemic, helped customers pay over 200 000 fines on the go and loaded nearly 700 000 cars in our digital garage.”

FNB is also expanding the nav» Home Services marketplace to include professional services like accountants, tutors and gig workers.

As a result, the bank is inviting all qualifying businesses to list their professional services on nav» Marketplace.

Gordon Little, FNB Business CEO, comments that the home services marketplace has already helped connect 2 500 FNB-banked businesses to FNB customers.

“FNB-banked businesses can load their services, a logo, images and a catchy description exposing their services to over four million app users. Additionally, business can get paid, rated and reviewed to help build a trusted community on the marketplace over time.”

The nav» Home Services marketplace offers home services such as electrical, building, plumbing and alternative energy.

FNB also unveiled a beta-version of “My net worth”, accessible via the nav» Money tool.

The financial institution describes this feature as an auto-snapshot of a customer’s worth, such as their home, car, investments, shares and liabilities.

“The feature provides a single view via a single and secure app, which takes the hassle out of reviewing different sources of information and managing different logins.

“Customers can also add assets like art, stokvels, collectables, crypto-currencies, among others. They get tips to coach them to build a positive net worth, financial resilience and ultimately attain financial freedom. The feature drives a money management community, allowing customers to share their feedback on the tool on the app and co-create the solution in collaboration with FNB.”

FNB also introduced nav» Care, which helps customers donate cash or eBucks to a good cause. This includes help for the vulnerable, including early childhood development, humanitarian relief and the elderly in the communities it serves.

Celliers says FNB recognises the need for shared prosperity, whether it’s helping communities, helping grow small businesses or helping customers improve on their money management journey.

“During the nav» Care pilot, we have raised R1.5 million in donations and since launching the nav» Home services marketplace last year, we helped grow over R1.5 million in revenue for small businesses. We have also helped over two million customers with their financial journey with smart money management tools with nav» Money.

“In the past year, we helped our customers with relief in excess of R100 million in balances. Recently, we allocated R21.5 million to support social relief programmes and humanitarian organisations to provide essential care and support to people, businesses, schools and communities affected by the July unrest,” concludes Celliers.

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