Competition in the retail banking sector is heating up with several new banks entering this space, including ex-FNB CEO Michael
Called “nav» Wellness”, it is a free service, only available on its app, which allows customers to set and track their wellness goals after completing a questionnaire. It also offers discounts for gym, healthy food and even DNA testing. However, you don’t need to achieve the goals to qualify for the discounts.
Bromfield says they did extensive market research and realised that the existing FNB client bases spend R30-billion a year on health-related activities and products, which is a “major outflow from our eco-system”. At the end of the day, Bromfield says, it comes down to getting our customers to manage their money better.
The two listed entities now provide a single entry-point platform for their clients where they can access all their respective service and product lines, and in the process learn healthy money habits.
Said Gore: “Engaged Discovery clients are not only healthier, but also better with their finances, with over 70% of the bank customer base on Bronze status or above.
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DURITZ79 Well banks already sell, airtime, electricity and insurance, next maybe healthcare and who knows, bread, milk and chips
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