Do you really get what you need from your bank? This is the critical question that every South African who holds a bank account should attempt to answer in order to determine whether they get the best value from their bank, says Firoze Bhorat, Head of FNB Retail Marketing.
“Banking is an important part of our daily lives and one of the key enablers to financial stability. Therefore, it’s vital to choose a banking partner that gives you maximum value and more importantly, you should make a distinction between what you get and what you need from a bank,” he says.
Digital technology continues to redefine how financial services institutions interact and cater for the daily banking needs of their customers in an easy, efficient and convenient way. Whether it’s earning meaningful rewards, banking securely on the best banking App, increasing your credit card limit, instantly reporting fraud and cancelling a stolen card, buying your first property or simply getting an individualised interest rate, consumers want services that address their needs, at their fingertips.
Over the years, Retail banking has increasingly become highly competitive and as the cost of living in South Africa continues to creep higher, some consumers may be tempted to simply go for the cheapest option. However, Bhorat cautions against making banking decisions on price alone, as this could have unintended consequences for your pocket.
“In some cases, you might find that while the account fee seems cheaper, other individual transactional fees start taking their toll on your budget. This is one of the primary reasons we encourage customers to consider a bundle offering which allows them a number of free benefits with complete transparency on account fees,” he adds.
To ensure that you switch to a bank that gives you value aligned to your needs, you first have to define what you want and then review whether your current bank meets your needs. It’s important to choose a bank that enables your lifestyle, with adequate tools to manage your money.
You also have to look at whether their value added services such as rewards offer any real value at all. If they fall short on your expectations, you may want to consider switching because compromising on value could have serious limitations for your financial future.
“As a trusted money manager, FNB understands that customers want more than just a bank account and we take it upon ourselves to give expert advice on lifelong financial decisions – whether it’s investing, insurance or estate planning, we want to help customers shape their financial legacy,” says Bhorat.
While most people do think of switching banks when they don’t get such services, there’s also a perception that moving from one bank to another can be a rigorous and costly exercise, especially if you have debit orders coming off your bank account.
“The main consideration is whether you want to settle for value-less banking or switch to a bank that will give you maximum value. At FNB, we have made the process of helping customers switch their bank accounts to us a lot easier. We have a dedicated team that helps you move your account and all your debit orders, and we have found that helping customers through this process takes away the angst associated with switching banks,” concludes Bhorat.