Jan

Who's the Boss?
Staff member
Joined
May 24, 2010
Messages
7,850
Don't bet against Bank Zero

Bank Zero launched to the public on 10 August, offering a bank account with no monthly subscription fee and low transaction costs.

Bank Zero has a unique offering. It has no bank branches and relies entirely on its smartphone app for most transactions and engagements.
 

S3XY

Active Member
Joined
Mar 17, 2019
Messages
96
They have to work on their user interface. It is fugly. And now that Apple Pay is common from banks, there is no way I am even thinking about an account before they figure out Apple Pay.
 

Sapphiron

Expert Member
Joined
Jan 29, 2004
Messages
3,127
I don't think Bank Zero is really that good for individuals. (Tyme and Capitec still seem better)

They are setting up well for the SME market.

Much of the multi-user functionality, Xero integration etc, is already functional and does not require any additional fees or packages like with most "corporate" banking service that the banks force on SME's
 
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SauRoNZA

Honorary Master
Joined
Jul 6, 2010
Messages
43,921
I was very excited for this but the closer we get even with access to the Beta it feels very amateur and nothing about it feels like a safe place for my money.

I mean I was really worried about their HTML website that looked put together by a few 5 year olds, but reckoned just give it time.

Now we have this…

2425e9079c3536572f04de3ef2fd075e.jpg



Next to the incredibly slick and sexy onboarding process TymeBank has this is pretty damn sad and inspired no confidence in me whatsoever.
 

SlowInternet

Executive Member
Joined
Oct 11, 2006
Messages
7,971
The app takes time to get used to. The picture on my card is a mess because it's only half a picture.
 

SlowInternet

Executive Member
Joined
Oct 11, 2006
Messages
7,971
The app takes time to get used to. The picture on my card is a mess because it's only half a picture.
 

Hamster

Resident Rodent
Joined
Aug 22, 2006
Messages
40,995
A "PhD in Banking Supervision"

Sounds like the right guy for the job :D
 

Swa

Honorary Master
Joined
May 4, 2012
Messages
30,793
I don't think Bank Zero is really that good for individuals. (Tyme and Capitec still seem better)

They are setting up well for the SME market.

Much of the multi-user functionality, Xero integration etc, is already functional and does not require any additional fees or packages like with most "corporate" banking service that the banks force on SME's
I'm not sold on it yet. What bank doesn't have a web interface and charges for things like statements older than 3 months? Unfortunately they designed something that would be perfect for business but is only really suitable for individuals.
 

schuits

Expert Member
Joined
Mar 7, 2013
Messages
1,826
Some similar sentiments as others.
If you are going to start a new business and compete, you need to shine right off the bat.

This new bank isn't offering anything better or even nicer looking.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
32,608
No thanks. Only thing they got going for them is the 1% international processing fee. It's not enough to make me jump ship though.
 

TofuMofu

Honorary Master
Joined
Aug 11, 2008
Messages
10,872
I opened an account to use as a backup account for in case FNB is problematic (which happens). It also helps that it's MasterCard and not VISA so even more diverse. Zero monthly fee makes it perfect for that, but the app interface is so ugly and unintuitive I don't see myself moving permanently.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
32,608
I opened an account to use as a backup account for in case FNB is problematic (which happens). It also helps that it's MasterCard and not VISA so even more diverse. Zero monthly fee makes it perfect for that, but the app interface is so ugly and unintuitive I don't see myself moving permanently.
Not at all since after 6 months inactivity they charge R5 p/m. Tyme bank doesn't have that silly catch.
 

Bluran

Active Member
Joined
May 31, 2013
Messages
87
It honestly feels like they are trying to copy Nubank's success, those guys are some serious pioneers in fintech and have some of the best developers in my opinion
 

blunt

Expert Member
Joined
May 1, 2006
Messages
3,498
Must agree with the general consensus, very underwhelmed and I dont see myself using this account in its current state. If you're an app only bank that delayed for 3 years why is your app so bad in every way?

Personally if I were to pick one of these minimal offering banks I'd go with Capitec or Tyme.
 

Ipwn 4

Expert Member
Joined
Nov 6, 2010
Messages
1,876
I considered giving them a shot due to the amount of hype created by fan boys at mybb but the user experience inspires zero confidence
 

elvis_presley

Expert Member
Joined
Sep 5, 2007
Messages
3,383
I signed up, and am very underwhelmed. The sign-up process felt very intrusive, and I could almost hear them plugging my data in to marketers behind the scenes. I mainly signed up for the promised API, so we'll see what happens with that.

The app is an amateurish mess. Even in beta, an organization that one would assume would require as much capital as a bank to launch, should have that right before launching.

I hope they get it right - competition is always good - but we'll see.
 
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