Traditional banking has not changed in South for over a decade. South Africans have been subject to following rules that have been set for us by the banking industry for years now.
- Interest rates
- Banking fees
- transaction fees
With minimal Innovation and efficiency that is given by the big 5 Banks, it did not matter if they keep up with technology, improve CRM(customer relationship management) or make the users experience easier and quicker, we still end up up paying their increased rate.
Finally with technology introducing a less decentralized banking systems such as Block chain, the big 5 have a plethora of improvements to make.
We have told you about discovery bank, Tyme Bank and Bank zero, and they are coming and they not as far as you think. Bank Zero said they are ready to take on the other 2 other digital banks and give their consumer the best experience.
Bank Zero is confident that its increased functionality, competitive fee structure, and easy-to-understand offering will be enough to compete in an increasingly crowded market.
This is according to Lezanne Human, cofounder and executive director at Bank Zero, who said their innovative banking offer will include low costs and high interest for savings.
The bank will be run entirely on a smartphone app that the company has built, removing the need for traditional banking structures like head offices or branches.
Bank Zero has partnered with Mastercard to offer its clients a “new generation of card”, too, with “cutting-edge security and powerful features”.
Clients will be able to draw money at any ATM or pay-point of its partners.