In a world of numbers, citizen Zero stands tall. Despite its importance, Zero arrived much later, yet now is pivotal to the number system. Some even say Zero is infinity. Bank Zero is the newest citizen in South Africa’s banking world, pivotal to the new banking revolution.
- Bank Zero’s focus is on providing solutions to real banking problems both individuals and businesses struggle with every day.
- Bank Zero is all about being digital and leveraging the power of a smartphone.
- Connectedness is a key principle. In today’s digitally connected world, financial connectedness is even more crucial.
- Bank Zero are passionate about customers having a full view of their finances at all times – whether as a business or as an individual. Lack of such visibility leads to wrong decisions, as well as fraud. Bank Zero will reveal more about how we will be addressing this later, but some examples are:
- Providing smart financial control – customers will know what’s happening in their accounts at all times.
- Fast and easy processes with no manual paperwork – everything will happen digitally and, at all times, customers will be aware of progress within a process.
- Great clutter-free experience – really easy for customers to join and get going.
- Bank Zero are fixated on security. From their back-end infrastructure through FICA processes to how customers use our App. The latest thinking in biometrics and encryption play a key role in their offering.
- Bank Zero believe that South African bank customers currently pay too much for basic banking services – and they want to change that.
So why on a mainframe? Well, don’t take IBM’s word for it read directly from the Bank Zero website:
Many factors from cost to regulatory requirements to cryptography and other security requirements play a role in making a decision to run a core banking platform in the cloud. Whilst the cloud is good for managing certain services (which we indeed use), it becomes a challenge to manage a bank’s core banking platform.