The growth in technology is allowing us to come up with new, easier ways to purchase products and services, such as online websites and mobile apps. Now a South African bank, First National Bank (FNB), is offering funeral plans through nearly 6,700 of their ATMs.
FNB Life, the insurance and administrator arm of FNB, which is Africa's oldest bank, says that this innovation is part of its efforts to improve convenient access while simplifying the take up process. Currently, FNB is selling 400 funeral plans a month via this method.
Customers can simply visit the ATM and, instead of withdrawing money, take out funeral insurance cover from R10,000 -- R60,000, which is between £468 and £2,814. The process has been stated to take only one minute and proof of purchase is printed from the ATM, with the plan being effective immediately.
Lee Bromfield,FNB Life
Chief Executive Officer, says making funeral plans available via this channel is a logical step as ATMs already enable citizens to access a number of services. He explained: "ATMs have become multi-purpose devices and one of the most used channels in rural communities and townships. This development offers consumers in those and other areas, an opportunity to use this channel to get funeral plans from a provider they can trust, thus avoiding possible debt associated with paying for a funeral.
"Under the current economic conditions where cost is a major factor, consumers need cost-effective and efficient channels to get the services they need. Consequently, allowing customers to take up funeral plans whenever and wherever they want empowers them to make the right decision."
While purchasing funeral plans via an ATM might not be the right fit for UK customers/clients, Golden Charter offers a wide range of funeral plans with a variety of flexible payment options to help counter the cost of funeral inflation.
We also offer a range of legal services, which provide peace of mind for you and your loved ones. If you would like further information on our funeral plans and legal services, please request an info pack.