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FNB revamps eBucks rewards for business

August 2, 2019 • Finance, Online & Social, Southern Africa

FNB's new eBucks Rewards programme will take effect from 1 September 2019.

FNB’s new eBucks Rewards programme will take effect from 1 September 2019.

On August 1 2019, FNB announced that its eBucks Rewards programme for businesses will be changing from 1 September 2019. This change has come as a result of FNB aiming to simplify the way FNB Business and RMB Private Bank Business customers qualify, get rewarded and move up the tiers.

Businesses will now be required to meet a new set of criteria that is based on the specific business accounts they hold. This includes having a specified minimum regular deposit in the bank, performing at least one financial or non-financial transaction, ensuring that all accounts are in good standing and updating their details through online banking, eBucks.com or App. In addition to this, the more solutions and products that businesses use, the higher they will move up the tiers and the more rewards they will earn.

“The eBucks Rewards programme for business has come a long way as a strategic enabler to reward our customers by encouraging them to change their banking behaviour for the better. As our customers evolve in line with changing market dynamics, so does our strategic focus to ensure that we continuously add value to their world while offering unique and superior customer experiences,” says Jesse Weinberg, Head of the SME Customer Segment at FNB Business.

“We conducted extensive research prior to making changes to our programme, including in-depth customer surveys with our base. The outcome of this translated into the changes we are now launching which we feel cater for the diverse customer needs as well as encouraging customers to evolve their banking behaviour toward more secure, digital approaches,” Weinberg states.

Businesses will be able to move up reward levels by taking up relevant products with FNB, within the categories of FNB Connect, Receipts, Payments, Business Solutions, Specialized Products, Short-Term Lending, Fixed-Term Lending, Short and Long-Term Savings. “The current changes are aligned to the behaviour of many of our customers who already use two or more products. As a result, we will immediately see several businesses who are currently on tier one moving up a reward level. For example, a Gold account holder (typically with an annual turnover between R0 – R5 million per annum) can move up to a higher reward tier each time they take up a product in a different category. As part of our new discounts feature businesses now also have the potential to earn up to 40% OFF on vouchers and other products from the eBucks Shop,” says Weinberg.

“Apart from the simplified generosity rule changes, we have also decided we need to use the programme to engage our customers better in order to provide them with better insights and customer experience. To this end, the new programme will also require customers to tell us about their businesses, for example, what type of business it is, how many employees it has and the size of the business. We see insights like these as critical to [ensuring] our value propositions and engagements with customers are more relevant, useful and effective,” Weinberg adds.

FNB says that businesses with existing eBucks balances earned through the old programme will still be able to spend them like they are used to with any of FNB’s in-store or online spending partners, as well as through different FNB channels, such as purchasing prepaid airtime on the FNB App or shopping on eBucks.com.

Edited by Kojo Essah

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