Last week, First National Bank (FNB) awarded over R 10.5 million to its most innovative employees for radically disrupting and introducing game-changing innovations within the financial industry. This adds to the over-all total of R 54.5 million given away since the launch of the highly successful employee programme in 2004; which encourages FNBers to actively participate and enable the innovation process within the banking industry.
Creating and building on ideas that inspire and disrupt has been a winning formula for the FNB Innovators 2.0 programme. “Our commitment to innovation best practice has helped benchmark FNB within the industry as well as globally. Encouraging our employees to re-invent banking processes and come up with deep-rooted innovations has helped in extending more value to our retail and business clients. This forward thinking approach helps to keep us ahead of our competitors,” says FNB Innovation Head, Jolandé Duvenage.
She adds, “I applaud all the entrants in this year’s competition. Their ongoing dedication to ensure that FNB remains truly innovative in this highly competitive market is inspiring and admirable.”
The top 2017 innovation winners include:
- Life simplified + digitising life insurance: Life simplified uses existing bank data to streamline the take up process of life insurance, and creates end-to-end automated processes for the best customer experience. Digitising life insurance is all about offering life insurance to FNB customers via the bank’s digital platforms. Customers can either apply online or on the FNB App, from the comfort of their couch.
- Multicurrency: This innovation fuelled the building of an enterprise-wide, generic multi-currency platform that leverages off existing systems, policies and process. It gives customers full control over their account and funds, and ensures a unified customer experience between the base currency and the foreign currency.
- nav»: Making customer lives easier. nav» provides smart disruptive solutions on the FNB App; designed to help customers make the most of their money and innovatively address angst in their daily lives. nav» Home makes the home buying and selling journey a lot easier and nav» Car assists with car maintenance solutions including licence disc renewal with delivery, amongst other helpful tools.
FNB continues to create game-changing and helpful innovations for customers; from its retail transactional base, to developing innovation business capabilities and systems. “Ideas grow best when shared in the most collaborative environment which enables all aspects of innovation. Incorporating innovation in all of our digital platforms has increasingly empowered our customers to manage their banking at any given time or place. This seamless integration and digitisation remains a core strategy of the FNB digital journey,” says Duvenage.
The FNB Innovators programme has seen over 10 000 implemented innovations to date and remains central to the FNB growth strategy as it enables the bank to deliver on its brand promise of “help”.
The success of our programme can be seen with the recent awards that FNB received; being named as one of South Africa’s strongest brands in the 2017 Brand Finance annual report (most valuable South African brands), being declared the Most Innovative African Bank at African FinTech Awards, and most recently Master Innovator (organisations with a turnover above R35M) in the 2017 Accenture Innovation Awards.