What Bank Zero will offer South Africans

[Jamie McKane]

What Bank Zero will offer South Africans

Bank Zero is a latecomer to the South African digital banking market, but it is confident its value proposition will be good enough to convince new customers to sign up.

Bank Zero was first unveiled in January 2018 by founders Michael Jordaan and Yatin Narsai after it was granted a mutual banking licence by the South African Reserve Bank.

 

[richjdavies]

Answer: Zero?

 

[konfab]

The business banking is where they are going to do well in.

Business banking is a joke in SA. They offer less value than consumer banking, but cost orders of magnitude more.

 

[krycor]

0.5% for QR on bank.. hrm.. that’s weird if it’s within the bank.

 

[Thor]

He did, however, provide a few key aspects of their product offering. These include:

• Patented card technology which offers greater security and convenience.
  ^ get this from any bank
  
  
• Simplified ultra-low pricing for businesses and individuals. “Our solution also brings huge relief to businesses,” Narsai said.
  ^cheaper options exist and others will adapt, pricing is a race to the bottom
  
  
• Advanced payments technology like mandates processing for businesses.
  ^FNB already does this.
  
  
• Integration with Xero Accounting for businesses.
  ^Any other bank also offer this
  
  
• Unique features that connect people in line with modern social trends.
  ^vague and marketing fluff.
  
  
• Powerful and cost-effective QR payments which enable micro payments without the need to share account and cellular details.
  ^Other banks (FNB) also launching this, this year.
  
  
• All customers get statements for free.
  ^Ditto for any other bank.

So BankZero offers nothing if this is his offer to convince people.

 

[Praemon]

0.5% for QR on bank.. hrm.. that’s weird if it’s within the bank.

Not if it's backed by an API that a merchant can integrate with to automate EFT payments so that users don't need to enter banking details, and payments can be automatically confirmed (I'm assuming that's the full feature set). Currently no other bank offers something similar from a business perspective, and will make receiving EFTs significantly easier from same-bank users.

But even if it's just paying a recipient via EFT with a shareable QR code it's a start. Not sure any other banks offer this? (in a form that can be used anywhere - not just once off on your phone, for example)

 

[Napalm2880]

Answer: Zero?

About the same amount of effort that went into writing this rehashed article.

 

[deweyzeph]

No forex functionality is a deal breaker for me.

 

[Swa]

I still don't see them offering anything unique and the lack of internet banking is a deal breaker for me. Also why charge for old statements?

 

[backstreetboy]

No thanks. Too little too late.

 

[richjdavies]

About the same amount of effort that went into writing this rehashed article.

Its not the article that's the problem. Its the fact they STILL haven't launched!
This is like digital migration.
" We give customers zero" is their moto!

 

[konfab]

He did, however, provide a few key aspects of their product offering. These include:

• Patented card technology which offers greater security and convenience.
  ^ get this from any bank
  
  
• Simplified ultra-low pricing for businesses and individuals. “Our solution also brings huge relief to businesses,” Narsai said.
  ^cheaper options exist and others will adapt, pricing is a race to the bottom
  
  
• Advanced payments technology like mandates processing for businesses.
  ^FNB already does this.
  
  
• Integration with Xero Accounting for businesses.
  ^Any other bank also offer this
  
  
• Unique features that connect people in line with modern social trends.
  ^vague and marketing fluff.
  
  
• Powerful and cost-effective QR payments which enable micro payments without the need to share account and cellular details.
  ^Other banks (FNB) also launching this, this year.
  
  
• All customers get statements for free.
  ^Ditto for any other bank.

So BankZero offers nothing if this is his offer to convince people.

Bank Zero costs R0 per month, whilst FNB Business account costs R250.

Makes it perfect for a side business.

 

[deweyzeph]

Bank Zero costs R0 per month, whilst FNB Business account costs R250.

Makes it perfect for a side business.

Without forex support how you are supposed make or receive SWIFT payments?

 

[Hamster]

Bank Zero costs R0 per month, whilst FNB Business account costs R250.

Makes it perfect for a side business.

/stares at my FNB account costing R4.95 pm

Oh, btw: https://www.fnb.co.za/for-you/easyzero.html

 

[konfab]

/stares at my FNB account costing R4.95 pm

Oh, btw: https://www.fnb.co.za/for-you/easyzero.html

Carry on staring while the ANC thanks you for your patriotism in paying as much tax as possible.

If you want to be clever about how you pay taxes, you need a company with its own bank account. Their entry level bank account, the First Business Zero isn't really a proper business account as it is only for sole props.

First Business Zero is a digital solution designed for the sole proprietor who wants to bank on the FNB App any time, anywhere.

First Business Zero Account

The First Business Zero Account is a perfect start for the digitally savvy sole proprietor. Zero monthly account fee and free, unlimited card swipes.

www.fnb.co.za

If you want an actual business account, you need the FNB gold account.
Which the cheapest costs R80 pm for barebones.

https://www.fnb.co.za/business-banking/turnover/goldBusinessAccount.html

Meanwhile bank zero costs R0 per month for any business account:

The same pricing structure is offered across individual and business banking. It currently supports (Pty) Ltd’s, CCs, and Sole Proprietors, with trusts and partnerships to be included at a later date.

 

[konfab]

Without forex support how you are supposed make or receive SWIFT payments?

The new licence, according to the bank, allows Bank Zero cards to be used for international trade, enabling customers to conduct foreign purchases either online or physically.

SARB grants Bank Zero forex exchange licence

SA’s newest digital-only bank, Bank Zero, is appointed as a restricted authorised dealer in forex exchange by the South African Reserve Bank.

www.itweb.co.za

 

[hj007]

Hopefully it forces the other banks to drop to lower pricing for business accounts.
And zero cost statements, yeah anyone tried getting those out of Standard Bank? Paid R45 per month of statements (R1080 in total) to get 2 years worth of old statements for SARS for a client. It ain't free...

 

[Hamster]

This forum must be the only place in the world where you find Bank fanboys. @konfab for Bank Zero and @backstreetboy for Capitec. It's... fascinating.

 

[konfab]

Hopefully it forces the other banks to drop to lower pricing for business accounts.
And zero cost statements, yeah anyone tried getting those out of Standard Bank? Paid R45 per month of statements (R1080 in total) to get 2 years worth of old statements for SARS for a client. It ain't free...

Exactly. They will struggle to get me to move over from Capitec for the consumer banking, but business banking really is where there is a gaping hole in the market.

 

[supersunbird]

I know what they won't be offering South Africans, browser based banking.