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

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
58,723
Getting in isn't cheap (in either telecoms or banking), all kinds of regulations and criteria to be met...
 

Sinbad

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Jun 5, 2006
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78,652
ebffa6a4658da6fc0ed99ce4dafab96f.jpg
 

Crimson & Blue

Honorary Master
Joined
Jul 18, 2008
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57,694
It's all possible in theory, the question is, how connected to the powers that be do you feel?
 

BBotha

Senior Member
Joined
Nov 21, 2006
Messages
506
Next year discovery will be entering into full on banking, I will get my popcorn then...
 

Oppiekoffie

Expert Member
Joined
Oct 25, 2016
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1,468
More competition is always welcome to take on the big 4 who are ripping everyone off. Start with AAPSA Michael Jordaan.
 

garp

Executive Member
Joined
Aug 2, 2004
Messages
9,157
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

Honorary Master
Joined
Jun 5, 2006
Messages
78,652
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.
They were acquired by standard chartered bank as a means to get a banking license, and then basically stripped.
 
Joined
Dec 7, 2010
Messages
78,906
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.

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.
 

garp

Executive Member
Joined
Aug 2, 2004
Messages
9,157
They were acquired by standard chartered bank as a means to get a banking license, and then basically stripped.

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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