How Bank Zero Is Disrupting The Banking Business World. The world is increasingly adapting to the digital methods of doing this, such that most companies offer services virtually over a digital platform. This will soon become a norm as most industries are adapting to digital technology to optimise customer engagement and to improve customer service delivery. Such an industry is the banking industry, were banks have fully integrated the digital technologies to provide better services to their customers. Most banks have mobile apps were customers can access certain services while other services are provided at the physical offices. Unlike most major banks Bank Zero has no physical offices and provides all its services on its app.
Bank Zero is a modernised app driven bank that is fully aligned to the banking needs of both businesses and individuals, offering control and transparency. It was co-founded in 2018 by Yatin Narsai who serves as the CEO and Michael Jordaan who serves as the Chairman of the bank.
The company’s focus is on providing solutions to real banking problems both individuals and businesses struggle every day. The company wants to save their customers from the hassle of using unfriendly branches or call centres by having no physical Bank Zero Branch network nor any call centres, thus all communication will be app driven or via email. It leverages the power of a smart phone and connects people to financial services online. Thus it is able to provide smart financial control were customers will know what’s happening in their accounts at all times and fast and easy processes with no manual paperwork, everything will be digitised.
With it being technology orientated, it offers biometrics and encryption security system that will ensure an individual or business’ safety online. It has specifically chosen to be a dedicated savings bank because it wants to empower South Africans to start saving.
The business was designed to make banking accessible and affordable to all making customers pay zero fees for basic baking but only pay for added features. “Coupled with the mutual banking concept, this will help nurture a savings culture in South Africa. New technologies, together with tried and tested account features like chip and pin cards, will deliver real value to our customers.” said Jordaan in an interview with Business Tech.