FNB is changing its eBucks programme for businesses, here’s what’s new
2 August 2019
If you’re a business which has been merrily making the most of your eBucks, FNB has a few upcoming changes that you should be aware of.
Starting from 1st September the financial institution has confirmed that there will be adjustments for the minimum requirements that businesses need to make in order to qualify for the eBucks programme.
“Businesses will be required to meet a new set of criteria based on the specific business accounts they hold, which includes having a specified minimum regular deposit in the account, performing at least one financial or non-financial transaction, ensuring that all accounts are in good standing and updating their details through online banking, App or eBucks.com,” according to a press release sent to Hypertext.
There is also a change to the way in which businesses can move up the different reward tiers of eBucks, with the more solutions and products that a business uses, the higher it will move up reward levels and earn greater discounts.
Businesses can now move up reward levels simply by taking up relevant products with FNB, within the categories of FNB Connect, receipts, payments, business solutions, specialised products, short-term lending, fixed-term lending, and short and long-term savings, the institution notes.
For example, a Gold account holder, with an annual turnover of up to R5 million, can move up to a higher reward tier each time they take up a product in a different category.
“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,” explained Jesse Weinberg, head of the SME Customer Segment at FNB Business.
“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 ensure our value propositions and engagements with customers are more relevant, useful and effective” he adds.
How businesses will feel about having to disclose that kind of information remains to be seen, but a more important question at this stage is what happens to existing customers and the the points they have accrued?
To that end FNB says businesses with existing eBucks balances earned from the old programme will still be able to spend them in any of the in-store or online spend partners, as well as for the institution’s offerings such as buying prepaid airtime via FNB App or shopping on eBucks.com.