FNB FIDUCIARY Helping to further digitize the industry
FNB FIDUCIARY 02
Helping customers protect their families by digitizing the Will’s process WRIT TEN BY
SE AN GA LE A-PACE PRODUCED BY
JUS TIN BR AND
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CIO Jaco Coetzee and CEO Vijay Morarjee of FNB Fiduciary discuss how they are educating the market to set up wills
I
n this new technological
recognize the importance of embracing
world, businesses are
new technology in order to maintain the
targeting many more
brands ecosystem.
diverse customer groupings, includ-
FNB’s Fiduciary believes in embrac-
ing millennials as new entrants to the
ing innovative technologies. “We have
financial services sector.
the vision and energy to build on and
Digital transformation has seen firms
develop customer centric innovations
such as First National Bank (FNB)
that drive our brand promise of ‘how
Fiduciary digitise their solutions and
can we help you’,” says Coetzee.
change the way they offer their services.
“Digital transformation is an ongoing
Chief Information Officer (CIO) of FNB
process. It’s been a long journey to get
Fiduciary, Jaco Coetzee, and Chief
to where we are now, but there is still
Executive Officer (CEO), Vijay Morarjee,
a lot more to be done. It’s such a great
“We have the vision and energy to build on and develop customer centric innovations that drive our brand promise of ‘how can we help you” — Jaco Coetzee CIO
feeling to reap the rewards when so
ensure they maintain their customer’s
many components start to converge.”
need at the core of everything they do
The segment operates as part of a
and transitioning to paperless systems
division of FirstRand Bank Limited and
and processes, thereby making it easier
is one of the largest financial institutions
for customers to engage with them.
in the country. As a fiduciary, FNB has a legal responsibility to look after its
SWITCHING FROM LEGACY
customers with the Fiduciary division
However, Coetzee stresses that the
offering wills, trusts and administration
process of switching from a legacy
of the deceased estates. With digital
system for FNB Fiduciary challenged
transformation in mind, FNB Fiduciary
the team to come up with creative
is in the process of reviewing its strategy
practices and solutions that will make
including the use of contextual data to
everything they do re-usable with a w w w.fn b . co. z a
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CLICK TO WATCH : FNB’S SMARTPHONE APP SUPPORTS EXSISTING PRODUCTS TO PROVIDE IMPROVED CUSTOMER SERVICE 07 focus on enhanced customer centricity “Legacy systems have been a chal-
design and implement new architecture. When Fiduciary started the
lenge, but Fiduciary has found ways
journey, one of the first things we did
to work with it. If you are able to build
was to assess the server and software
around a core system capability and
landscape. Fiduciary was already on
modernize, differentiate the niche
modern infrastructure running 100%
capability as re-usable components
on virtual infrastructure, but we have
around the core system, that is great
not yet reviewed the applications
because you do not have to go and
running in those virtual machines,”
re-invent the wheel,” explains Coetzee.
affirms Coetzee.
The switch to digital saw FNB make
“Fiduciary ended up re-building the
significant savings across Fiduciary’s
entire server landscape, consolidating
infrastructure through the implementa-
applications with similar workloads,
tion of new architecture.
sharing infrastructure where we could
“FNB has great in-house capability to
and saving about 75% on hosting costs w w w.fn b . co. z a
“ There is an ongoing drive to ensure that we protect our customers by equipping as many of them as possible with a Will” — Vijay Morarjee CEO
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across the infrastructure as well as drastically simplifying what we have to manage, automating the mundane maintenance tasks etc.” With 80% of the deaths reported to the Master of the High Court South Africa confirmed as deaths without a Will, Morarjee understands the considerable challenge of changing such a consumer mindset. “There is an ongoing drive to ensure that we protect our customers by equipping as many of them as possible with a Will.” “Building an ecosystem that helps us operate at optimal levels through a platform approach is a core focus for the bank. This encourages and empowers our customers to take control of their banking, managing their finances and life goals.” FNB, through its Fiduciary division --has become the first ever bank in South Africa to release an online Will drafting platform that allows its customers to access their online banking and draft their own wills for free. By providing online software that asks the customer input questions such as how many children the customer has and in who’s care the customer wishes to w w w.fn b . co. z a
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place their children in the event of
in the digital space in an effort to reduce
tragedy as well as who should inherit
its reliance on paper. By providing its
their assets, has enabled FNB Fiduci-
product online, it has allowed them to
ary to provide all of its customers with
break into the digital sphere and expand
some form of protection.
their online footprint on platforms
“Big deployments, especially data migrations, need practice, practice,
like Google. “FNB Fiduciary has always been
practice. The only way to sort out all the
a business that’s very paper-based,
kinks is to test every scenario you can
across all of the pillars, wills, trusts,
think of with the best data you can.”
estates, everything has always commanded a lot of paper. I think our big
UTILISING THE DIGITAL SPACE
challenge now is to see how much
Through FNB Fiduciary’s transforma-
of that paper we can cut out of our
tion journey, the company set itself up
ecosystem to make the administration
1838
Year founded
30,000
Approximate number of employees
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process simpler and more cost efficient.” And it’s fair to say FNB Fiduciary
in the 21st century.’” “The new application set us up to
certainly doesn’t believe in standing still.
free operations resources so that we
Coetzee maintains change is a part of
can spend our energy on innovation
evolving and being able to enhance
to ultimately enhance our product
products to enable a greater impact.
offering and journey.”
“Although I can’t remember where I heard it from, I try and live by follow-
FORMING RELATIONSHIPS
ing this quote: ‘Great operations take
But in order to achieve sustained suc-
advantage of change. Operations is
cess, Coetzee highlights the importance
the capability behind innovation, it
of forming good partnerships and draws
delivers on the promise. That’s what
similarities to the process of maintain-
makes it one of the most exciting, vital
ing personal relationships.
and dynamic aspects of the business
“The assessment of your partner is w w w.fn b . co. z a
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“ Building an ecosystem that helps us operate at optimal levels through a platform approach is a core focus for the bank. This encourages and empowers our customers to take control of their banking, managing their finances and life goals” — Vijay Morarjee CEO
the most important thing. Think about a long-term relationship,” says Coetzee. “It has to be stronger together and this is something to think about when deciding on a partner in the corporate space. You have to decide how you can help each other to grow.” With the future in mind, Coetzee remains keen to keep pushing barriers and wants to ensure FNB Fiduciary are continuing to explore different ways to how their customers utilise data on an ongoing basis. “There are so many ways customers want to communicate with us on our products and services. One of the big challenges is to pick the engagement channels that you want to use and be the best at it.” “We also keep trying to find ways to use the data we have more effectively. Our offerings need to be relevant to the customer’s current reality to ensure we improve their position.”
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FNB Bankcity, Simmonds Street, Johannesburg 2000, Gauteng 2001. T 0027 11 371 2111 | www.fnb.co.za