Many consumers are not aware of the comprehensive suite of services and resources their bank can provide. This is according to Brian Katjaerua, chief executive officer at the Bankers Association of Namibia, who said banks are committed to assisting customers on their journey to financial wellness, offering educational resources and personalised guidance at every turn.
“Banks offer a variety of services to help consumers manage their accounts effectively and make informed financial decisions’ to achieve their financial aspirations,” he said.
Some common support services that Katjaerua refers to include financial education, personalised financial advice, credit counselling, fraud prevention and security, and estate planning and trust services, over and above the expected account management assistance and customer service.
Financial Education
“Many banks offer financial education programmes and resources to help consumers improve their financial literacy, and make informed financial decisions. These initiatives aim to empower individuals with the knowledge to manage their finances effectively and achieve long-term financial stability,” Katjaerua said.
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 consumers 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,” Katjaerua added.
Credit Counselling
It’s a tough economy, and for those consumers battling high debt levels, banks can offer credit counselling services 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 consumers, and strategies for debt repayment.
Fraud Prevention and Security
Banks implement measures to protect consumers 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 consumers is to maximise the benefits provided, and tap into the resources offered, such as financial planning
tools, educational materials 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,” Katjaerua noted.