Evolutionary Awards – NMG Benefits

Category: Evolution in member outcomes

Describe your evolution:

NMG Benefits Two-Pot WhatsApp Chat: Revolutionising Member Interaction and Financial Empowerment
At NMG Benefits, we’re pioneering an evolutionary leap in how members interact with their retirement savings, leveraging the power of WhatsApp. Launching on 1st September, our innovative WhatsApp Chat platform is an all-in-one solution that allows members to learn, manage, and withdraw from their retirement pots – all within the simplicity and convenience of WhatsApp.

Beyond Transactions: A Holistic Resource Hub
Our WhatsApp Chat platform is intentionally designed to be more than just a transactional tool. It’s a comprehensive, resource-rich environment that empowers members to make informed decisions about their financial future. This initiative embodies our core brand philosophy, #FindingABetterWay, by delivering real value to both our members and clients through meaningful innovations that safeguard and enhance financial futures.

Empowering Members with Knowledge
The Two-Pot System represents the most significant shift in the retirement landscape in decades. Recognising this, NMG Benefits is committed to proactive member education and personalised guidance. As members take control of their Savings Withdrawal Benefit decisions and fund movements between pots, it’s crucial that they fully understand these changes. Our platform provides a clear, user-friendly way for members to view their pot balances, assess their withdrawal options, and make informed decisions. The guided withdrawal process ensures members know whether they qualify, understand the implications, and are prepared for the next steps.

Innovating Financial Education with SmartAlec
For the past three years, NMG Benefits has utilised WhatsApp to enhance financial literacy through our chatbot, NMG SmartAlec. Available in four South African languages, SmartAlec educates members on over 100 essential financial concepts using local stories and gamification techniques, driving engagement and progress. This digital learning experience is accessible even in remote locations, requiring minimal data and just a WhatsApp application, making it a valuable tool for our clients who value the measurable impact and empowerment of their staff.

Putting Members in the Driver’s Seat
Building on our experience with SmartAlec, we’ve crafted a personalised, guided experience on WhatsApp to support members with their Savings Withdrawal Benefit decisions. This platform features multi-factor ID verification, structured education with bite-sized explanations, real-time balance checks, qualification assessments, and a comprehensive withdrawal experience. We manage member expectations by providing clarity on timelines, fees, taxes, and the long-term implications of their choices.

Describe the impact your evolution has had in response to its identified challenges and targeted outcomes.

Better Outcomes for All
Our ultimate goal is to empower members while alleviating the burden on HR personnel and administrators. By offering a streamlined, user-friendly channel, we ensure that members have the tools and knowledge to make informed decisions about their retirement savings. This not only enhances member satisfaction but also allows HR and administrators to focus on more strategic tasks, confident that their employees are well-supported and informed.

Supporting Documentation >