Bank Zero will be cheaper and more powerful than your current bank

[Liam_Selby]

Bank Zero will be cheaper and more powerful than your current bank

Bank Zero announced that it has been integrated with the national payments system of the SARB, and has begun trials in preparation for the launch of its banking platform.

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

 

[MrGray]

Jordaan says this all costs "'1% of 1%' of what it costs to run an IT system" thanks to cheap open source software and cloud hosting... and it's all built around an app.

Hmmm...

For some reason that kind of start up talk starts alarm bells ringing in the back of my mind. Maybe I'm being unfair, though?

 

[xrapidx]

Out of interest, when are they opening? Kinda loosing interest.

So far its just "will be" article after article.

 

[Swa]

Jordaan says this all costs "'1% of 1%' of what it costs to run an IT system" thanks to cheap open source software and cloud hosting... and it's all built around an app.

Hmmm...

For some reason that kind of start up talk starts alarm bells ringing in the back of my mind. Maybe I'm being unfair, though?

Yes, running spreadsheets works equally well in Excel and Libre office.

 

[Scooby_Doo]

What are they going to offer beyond cheap? Or is cheap the point?

 

[Nobody Important]

Over promising, never a good thing.

Seems like one of those infomercials, "Bank zero will be cheaper, more powerful.."

 

[Willie Trombone]

Unfortunately in our political atmosphere there are more important things than cheap when it comes to banking.
Who is backing this?

 

[Nobody Important]

Who is backing this?

Former FNB CEO Michael Jordaan and former FNB executive Yatin Narsai.

 

[Swa]

What are they going to offer beyond cheap? Or is cheap the point?

Also online only. Don't know how that will affect Fica though. May just end up scammers paradise.

 

[Johnatan56]

As stated in the other thread, no mention of how their security practices are better, no pricing, nothing.
Stop giving them press.

 

[Willie Trombone]

Former FNB CEO Michael Jordaan and former FNB executive Yatin Narsai.

OK, that's promising. 45% black owned too.

 

[Willie Trombone]

As stated in the other thread, no mention of how their security practices are better, no pricing, nothing.
Stop giving them press.

Less red tape in the IT department perhaps. The bane of innovation.

 

[ekske1]

Bank Zero will be cheaper and more powerful than your current bank

Bank Zero announced that it has been integrated with the national payments system of the SARB, and has begun trials in preparation for the launch of its banking platform.

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

Will they outlast 2020's run?

 

[Zukat]

Fully digital is all great in theory, until you have a problem with your account or have a query beyond the functions of the app. Listening to music on the line with further promises to investigate and phone me back... we been there already.

 

[blaaislaai]

Couldn't care less, we have more serious problems than having another bank in SA

 

[TheMightyQuin]

Less red tape in the IT department perhaps. The bane of innovation.

WTF does that even mean?

 

[ekske1]

Couldn't care less, we have more serious problems than having another bank in SA

This one would rather go back to the stone age...

 

[ShaunyCT]

Another MUTUAL BANK ....Bank Zero Mutual Bank.... VBS Mutual Bank

 

[TelkomUseless]

Jordaan says this all costs "'1% of 1%' of what it costs to run an IT system" thanks to cheap open source software and cloud hosting... and it's all built around an app.

Hmmm...

For some reason that kind of start up talk starts alarm bells ringing in the back of my mind. Maybe I'm being unfair, though?

I agree. 1% of 1% lol. What is 1% of what? Mom and pop shop one POS pc? Or Facebook servers? The IBM mainframe is not going to be cheap in any case...

IT department in this scene is a money maker. So you would think increase "cost" in it, to make sure it runs awesomely. And IT is not more expensive than 12 tellers doing 2 people's work at a snail pace...

I think these guys focus way too much on the "IT" part.

And where is the prices? What happens if I need human support etc? They don't mention anything...

 

[backstreetboy]

Also online only. Don't know how that will affect Fica though. May just end up scammers paradise.

Just like Liberty Stash and now banks like FNB and ABSA does it. Just upload the stuff from your smartphone.