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Purchase Protect

First National Bank - FNB (South Africa)
South Africa
Connected Ecosystems & Marketplaces

Elevator pitch

Purchase Protect uses data contextually, facilitates exchange of value & adds to the overall FNB ecosystem

Innovation Presentation

An opportunity was identified to offer FNB customers complimentary insurance when using their FNB Virtual Card (a card housed on the FNB App with a CVV which changes hourly thus ensuring safety when shopping online), giving customers more comfort when transacting within the ecosystem and driving utilisation of the virtual card. In addition to this customers were made aware of FNB’s new entrance into Property and Casualty insurance where they can buy additional insurance on the back of these contextual interactions.

Transactional data is used to determine which customers qualify for the product and which purchases were relevant to only offer the product for relevant transactions.

The spend data for different cards sit on different data…

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