South Africa’s newest bank, Bank Zero has revealed plans for a steady move from its current beta testing to a public launch with people who supplied their details on the Bank Zero website next year.
Speaking to MyBroadband, the Bank Zero founder, Michael Jordaan revealed the details of the bank’s plans. In May he said Bank Zero planned to launch a controlled public beta early in the second half of 2020.
The new digital bank published its pricing guide for individual and business customers in October, but a public launch has been pushed out to 2021. Bank Zero CEO Yatin Narsai said they will not be doing a “big bang” launch, especially this late in the year with many people already away on leave.
Instead of a big launch, the bank said it will learn from customer feedback and incorporate such feedback before opening the gates. Narsai said this approach will allow them to manage volumes and incorporate important customer feedback. “Our transition to public availability will be fast but controlled,” Narsai said. “The transition happens early 2021.”
Bank Zero only offers one account type because it doesn’t believe in the practice of luring customers in with an entry-level account that has limited functionality.
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.
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