Leveraging bank benefits for bank customers – BAN
Chief Executive of the Bankers Association of Namibia, Brian Katjaerua said many customers are not aware of the comprehensive suite of services and resources that their bank can provide.
Still, banks are committed to assist customers on their journey to financial wellness, offering educational resources and personalised guidance at every turn, he said.
“Banks offer a variety of services to help consumers manage their accounts effectively and make informed financial decisions to achieve their financial aspirations.” These include financial education, personalised financial advice, credit counselling, fraud prevention and security, and estate planning and trust services, over and above the expected account and customer service.
FINANCIAL EDUCATION:
“Many banks offer financial education programmes and resources to help customers improve their financial literacy and make informed financial decisions. These initiatives intend to empower individuals with the knowledge needed to manage their finances effectively and achieve long-term financial stability,” explained Katjaerua.
These programmes may include seminars, workshops, online courses, articles, and interactive tools covering topics such as budgeting, saving, investing, debt management, and retirement planning.
PERSONALISED FINANCIAL ADVICE:
Some banks provide personalised financial advice and planning services to customers through dedicated financial advisors or wealth management professionals.
“Access to these advisors can offer individuals tailored recommendations and beneficial strategies to help achieve their financial goals, such as saving for retirement, buying a home, or planning for life’s big expenses such as a wedding or tertiary education,” he said.
CREDIT COUNSELLING:
In a tough economy, for those customers battling with high debt levels, banks can offer credit counselling to assist. Advice on managing debt, improving credit scores, and developing strategies for responsible borrowing, are some of the ways banks can help individuals navigate financial challenges.
“Credit counsellors can be incredibly useful by reviewing credit reports, providing impartial guidance on debt consolidation, negotiating with creditors on behalf of customers, and offer strategies for debt repayment.”
FRAUD PREVENTION AND SECURITY:
“Banks implement measures to protect customers against fraud, identity theft and unauthorised transactions. These measures may include fraud monitoring services, account alerts for suspicious activity, EMV chip technology for debit and credit cards, two-factor authentication for online banking, and education on common scams and fraud schemes.”
ESTATE PLANNING AND TRUST SERVICES:
“Some banks offer estate planning and trust services to help individuals with legacy planning and wealth transfer from one generation to the next. These services may include setting up wills, trusts, and estate plans, as well as providing guidance on inheritance laws and tax implications.”
“Your bank plays a role greater than merely managing your accounts and providing customer service. My tip to customers is to maximise the benefits provided and tap into the resources offered such as financial planning tools, educational material and personalised advice. By taking advantage of these offerings, individuals can make sound financial decisions, enhance their financial well-being and achieve their money goals more effectively. In turn, banks aim to enhance satisfaction, loyalty, and financial well-being,” concluded Katjaerua.
