FNB intros app-based will-drafting function
Big-four bank First National Bank (FNB) has rolled out new functionality on its mobile banking app, making it possible for customers to draft a last will and testament.
Named ‘Wills on App’, the new functionality allows FNB and RMB Private Bank customers to set up their wills via the app at no cost, according to the bank.
Sizwe Nxedlana, FNB CEO, Private Segment, states: “The launch of FNB’s Wills on App solution empowers our customers to draft and set up their will efficiently. We believe that a will is the first step in generational wealth creation and the necessary building block that will contribute to the customer’s financial journey.”
“In recent years, FNB has invested massively in digitising its integrated financial services and solutions, and putting them quite literally at the fingertips of our customers via our FNB app and FNB online banking platforms,” adds Aneesa Razack, CEO of FNB Fiduciary.
“Wills on App is a prime example of how this commitment to our platform journey is making it easy and uncomplicated for anyone to be a successful money manager.”
Statistics show that more than 70% of South Africans don’t have a valid will in place.
Through the Wills on App functionality, notes the bank, customers will be offered a step-by-step process to guide them throughout the will-drafting process.
“Wills on App draws on the customer’s financial information that already exists on the FNB/RMB Private Bank App through the nav» functionality to pre-populate certain sections, but also allows the individual to make changes to that information if they hold assets or financial products outside of the bank.
“This includes special requests or instructions as part of the process, which will be included in the will that is produced via the FNB Wills on App process,” explains Razack.
The user has the option to receive a comprehensive liquidity assessment, which provides an estimate of the costs that will be involved in wrapping up their estate, based on their new and valid will, should they pass away, she adds.
“Wills on App offers suggestions on how customers can achieve this liquidity, via savings, sale of certain assets, taking out additional life cover, or other options.”
On completion, the Wills on App process leaves customers with a signed, valid will that can be updated or changed over time, to align with their last wishes, notes FNB.
“Whilst the digital process of drafting a will is simple, convenient and easy to use, a consultant is available to assist during the process for any of your estate planning and will set up questions. Perceptions of wills need to change as it forms an important part of your legacy planning. It’s never too late to get a valid will, as it is one of the most important documents that you will own,” concludes Razack.