FNB will be changing its eBucks Rewards programme for businesses from 1 September, saying it is simplifying the way FNB Business and RMB Private Bank Business customers qualify, get rewarded and move up tiers.
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.
Additionally, the more solutions and products that businesses use, the higher they will move up reward levels and earn greater discounts.
Jesse Weinberg, head of the SME Customer Segment at FNB Business, says: “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.
“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.”
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, short and long-term savings.
Weinberg says the current changes are aligned to the behaviour of many of the bank’s customers who already use two or more products. As a result, several businesses who are currently on tier one will move 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 its new discounts feature, businesses now also have the potential to earn up to 40% OFF on vouchers and other products from the eBucks Shop.
“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,” says Weinberg. “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.”
Businesses with existing eBucks balances earned from the old programme will still be able to spend them as they have been with any of the bank’s in-store or online spend partners, as well as through various FNB channels such as buying prepaid airtime on the FNB App or shopping on eBucks.com.