First National Bank, a South African retail and commercial bank and part of FirstRand Group, has introduced a digital financial guidance feature called My Advisor inside its mobile banking application, as financial pressure and household debt levels continue to shape consumer behavior in the country’s banking sector.
The tool is designed to analyze existing transaction data within FNB accounts and translate it into structured financial insights. Rather than operating as a standalone budgeting application, it is embedded into the bank’s app and draws directly on customer spending, credit, insurance, and savings activity to generate a consolidated view of financial position and behavior.
My Advisor brings together information from multiple financial categories including cash flow, debt obligations, insurance products, investments, and retirement planning. The system presents this data through a single interface intended to help users track financial goals and monitor spending patterns over time. Additional functions include budgeting tools, financial calculators, eBucks reward program insights, will creation services, and goal tracking features.
Speaking at the launch in Johannesburg, Keshani Ganasen, integrated advice CEO of FNB, said the design of the platform reflects changes in how banks are expected to engage with customers beyond transactional services.
“The platform helps customers identify areas of immediate cash flow pressure and helps them better understand their spending habits.
“How many people look at their bank statements regularly? How many people have a budget? Customers often underestimate how often they use their money; it just ‘flows like water’. The platform aims to introduce more structure and put some guardrails in place, in order for them to become more disciplined with their spending.”
The bank positions the feature as part of a broader effort to make financial guidance more accessible within digital banking environments, where customers already manage day to day transactions. Similar in app financial tools have been introduced across South Africa’s banking sector, including offerings from Capitec, Discovery Bank, Nedbank, and Absa, as institutions expand beyond payments and account management into financial planning services.
The rollout comes as financial literacy remains a structural issue in South Africa’s retail banking market. According to the Financial Sector Conduct Authority, approximately one in two adults in the country still face challenges with basic financial understanding despite widespread access to banking services.
FNB said that more than 47 percent of its retail customers earning up to 750,000 rand annually show indicators of financial distress, based on internal analysis of customer behavior. The bank is using this data to target financial guidance tools at users who may be under pressure but still actively engaged in digital banking channels.
Ester Ochse, integrated advice product head at FNB, said customers are increasingly looking for clearer interpretation of their financial position rather than isolated account data.
“By giving customers a clear, holistic view of their financial reality, along with practical tips on how to adjust their behaviours around their finances, the platform empowers them to take informed action at every stage of their journey, from managing month-to-month pressures, to planning for long-term goals,” she said.
FNB said the platform is structured to support users across different stages of financial management, from short term cash flow monitoring to longer term planning. It is also intended to reduce friction in accessing financial advice by embedding guidance directly into the banking experience.
Ochse added that perception remains a barrier to financial planning tools, with some customers associating them with complexity or judgment rather than ongoing support. The platform is designed to present financial insights in a continuous format based on real transaction behavior rather than isolated advisory sessions.
