Families are the bedrock of society, and a strong family unit offers the home environment that each family member needs to grow and thrive throughout their lives. And when that environment includes a healthy attitude towards money, and a shared commitment to financial wellbeing for the whole family, everyone benefits.
This important insight into the value of a shared approach to family financial wellbeing led Nedbank to create Nedbank Family Banking – an innovative and integrated platform on which families can build a shared approach to successful money management for every family member.
Nedbank Family Banking is a packaged offering that enables families to manage their accounts and budgets effectively for all their expenses, all while enjoying great savings on their banking fees. What’s more, Nedbank Family Banking clients also get access to a growing variety of value-adding solutions and services to enhance their lives and protect and secure their family’s future.
Mutsa Chironga , Managing Executive for Consumer Segment, says that the Nedbank Family Banking offering is the result of exhaustive months research into what makes families tick, what their main financial pain-points typically are, and how a family-focused banking solution can help bring them together through a healthy and open approach to getting the most out of their money.
“At Nedbank, we know that money well managed is more than just a way of paying for essentials, it’s also an enabler of dreams, goals and better futures,” he explains, “and since families usually share common financial goals, it made sense to us to create a banking solution that enables them to also share the journey towards realising those dreams.”
The Family Banking offering allows families to meet their collective financial needs. The initial offer, which requires a main family member account, includes a generous bank charges rebate of up to R120 for a spouse who opens a Savvy+, Savvy Bundle, Nedbank Private bundle account or Private One bundle account.
In the coming months, the Family Banking offering will be expanded to include access to life cover for both spouses, family funeral cover, housing loans, retirement investments, and various savings and investment vehicles. Nedbank will even be providing families with secure document storage facilities, debt management assistance and, of course, the ability to earn Nedbank Greenbacks.
“Through our research, we found that for the vast majority of families, banking convenience and affordability are key requirements, followed closely by the expectation that their banking products should enable them to build a better, more secure and more stable financial future together,” he says, “and most families expressed a need for simplicity in understanding savings, investment and insurance options, with the option of getting access to guidance on how best to use them for the benefit of all family members if required.”
Chironga adds that other needs included effective ways to save for children’s education and protect their futures, as well as a desire for meaningful banking rewards that help families stretch their money.
“When we looked at the ways in which financially successful families manage their money, we found that a healthy, open and transparent attitude towards financial matters always has a positive impact on the unity of a family, and on its ability to achieve its shared goals,” he says, “which is why we designed Nedbank Family Banking to be a convenient, affordable and effective way for families to plan, save, and manage their finances collaboratively, budget for – and work towards, – their shared goals, while still having their own individual accounts for their personal banking needs.”
