I would love to have a go at the banks – Michael Jordaan

supersunbird

supersunbird

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Getting in isn't cheap (in either telecoms or banking), all kinds of regulations and criteria to be met...
 
Sinbad

Sinbad

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ebffa6a4658da6fc0ed99ce4dafab96f.jpg
 
Crimson & Blue

Crimson & Blue

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It's all possible in theory, the question is, how connected to the powers that be do you feel?
 
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BBotha

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Next year discovery will be entering into full on banking, I will get my popcorn then...
 
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Oppiekoffie

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More competition is always welcome to take on the big 4 who are ripping everyone off. Start with AAPSA Michael Jordaan.
 
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garp

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Anyone remember 20Twenty bank?

They tried to be an online only bank in 2003/2004 (?), utilising tech and the internet to take on the big players. They lasted less than a year, I think. I know this because I had money in one of their accounts when they went bang. (Got the money back eventually though).

Was 20Twenty just before their time, or is there a fundamental barrier to entry that would guarantee the same result for a new player? At the time, internet penetration was much lower and smartphones weren't quite there yet.
 
Sinbad

Sinbad

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garp said:
Anyone remember 20Twenty bank?

They tried to be an online only bank in 2003/2004 (?), utilising tech and the internet to take on the big players. They lasted less than a year, I think. I know this because I had money in one of their accounts when they went bang. (Got the money back eventually though).

Was 20Twenty just before their time, or is there a fundamental barrier to entry that would guarantee the same result for a new player? At the time, internet penetration was much lower and smartphones weren't quite there yet.
Click to expand...
They were acquired by standard chartered bank as a means to get a banking license, and then basically stripped.
 
faniebraai

faniebraai

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garp said:
Anyone remember 20Twenty bank?

They tried to be an online only bank in 2003/2004 (?), utilising tech and the internet to take on the big players. They lasted less than a year, I think. I know this because I had money in one of their accounts when they went bang. (Got the money back eventually though).

Was 20Twenty just before their time, or is there a fundamental barrier to entry that would guarantee the same result for a new player? At the time, internet penetration was much lower and smartphones weren't quite there yet.
Click to expand...

As Sinbad said, but ahead of their time nonetheless. I've been with FNB 6 years now, and have only ever been into a branch to collected certified bank statements. The time for digital banking is now or never.
 
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garp

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Sinbad said:
They were acquired by standard chartered bank as a means to get a banking license, and then basically stripped.
Click to expand...

Sure, eventually, but they had still gone bang, or at least their parent company, Saambou had. They were unable to service withdrawals for a period - all accounts were frozen without warning. This was especially unsettling since it happened just a few days before my first overseas trip for which I had been saving, so I will always remember this and be quite wary of small banks, especially startups.
 
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