Former FNB CEO Michael Jordaan recently announced the launch of Bank Zero in South Africa.
Bank Zero will be app-driven, and promises to offer clients lower fees, richer functionality, transparency, and better control.
The bank will have no branches, but customers can use ATMs locally and internationally to access cash.
All processes have been designed from the ground up with digital interaction in mind, and all communication will be app-driven.
Another unique selling point is that customers can become shareholders of the bank, based on the type of savings products they have.
MyBroadband spoke to Jordaan about how the bank will work, and why people will use it.
What are Bank Zero’s biggest selling points compared to traditional banks?
What will Bank Zero offer in terms of new functionality?
Is your strategy to get people to move their accounts from traditional banks to Bank Zero?
How will you handle business and personal requirements like having an original bank-stamped letter which requires a physical banking presence?
Will you partner with traditional banks for services?
Can you provide more information about customers becoming shareholders?
Who is backing Bank Zero, and how do people know their money is safe?
What is Bank Zero’s business model?
Financial expert David Shapiro said with an economy which is not growing, the country does not need another bank. He added that most people are happy with their bank. Is he wrong?