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Spreadsheet Ranger

Thoughts on Bank Zero

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Is there space for another bank in the South African landscape?
I am a Capitec user and for me banking costs in the most important factor, so personally if Bank Zero is cheaper than Capitec I'll switch.

 

Quote

Bank Zero has entered its alpha testing phase after announcing that it has been integrated with the national payments system of the SARB.

 

The aim of the alpha testing is to see a small team validating the bank’s end-to-end live systems and processes.

 

In recent interviews, Bank Zero cofounder Michael Jordaan has made it clear that the bank will offer new, innovative banking at low costs – and high interest for savings.

 

Jordaan said that the IT costs of Bank Zero work out to “1% of 1%” of what it costs to run a traditional IT system, which allows the bank to charge lower fees and “survive on smaller margins”.

Bank Zero also told MyBroadband that it will offer more comprehensive functionality through great products and services.

 

This will all be backed by Bank Zero’s innovative app and back-end design that provides enhanced security by “using the latest thinking and cutting-edge technology”.

 

“Bank Zero’s smart ecosystem will enable true financial connectedness in an already digitally and socially connected world,” the bank said.

 

Bank Zero’s also aims to add innovation through its partnership with Mastercard – more specifically, its “new generation of card” that is aimed at providing cutting-edge security and powerful features.

Full Article: Mybroadband

 

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I agree on the fee issue, but what is a much bigger problem for me is the fact that when we pay someone money via EFT  that money leaves my bank account and only reflects in a day or two with the recipient. Banks earn interest on these "overnight transfers" there is no reason for them to do so.

 

In fact the SARB can and do settle all money transfers on a RTGS basis Real Time Gross Settlement , regardless of size of transfer. Which means that we can have our cash paid instantaneously....but nooooo the banks want to hold to earn the interest.

They make money despite themselves !    

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10 minutes ago, Miss Behavin said:

I agree on the fee issue, but what is a much bigger problem for me is the fact that when we pay someone money via EFT  that money leaves my bank account and only reflects in a day or two with the recipient. Banks earn interest on these "overnight transfers" there is no reason for them to do so.

 

 

You can thank Bankserv for that

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