Bank Zero announces another year of unchanged zero pricing

Bank Zero chairperson Michael Jordaan. Picture: Supplied.

Bank Zero chairperson Michael Jordaan. Picture: Supplied.

Published Nov 7, 2023

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Bank Zero has announced that its commitment to zero bank fees remains strongly in place.

It says the announcement comes in the wake of the recent mid-term Budget and a cost-of-living crisis in the country.

Bank Zero chair Michael Jordaan said: “We see our promise of zero bank fees as central to our brand’s unique value proposition, as shown by our four-year track record.

“Some believed this was a gimmick but in fact, it’s fundamental to who we are. There’s one pricing structure for all our customers, and those fees that are zero will stay zero.”

Bank Zero said it offered free core banking, with only extras being charged.

“Another key innovation is a single pricing structure that applies to both individuals and businesses of all sizes.”

CEO Yatin Narsai said the company’s technological innovation underlied its ability to redefine what banks charged their customers. Bank Zero had built its technology from the ground up and had no legacy systems to deal with, so it had been able to take a mammoth amount of costs out of the system – cost savings it was committed to passing onto its customers.

“For example, international payments using the Bank Zero cards are 1%, as compared to the 2.75%+ charged by traditional banks. Bank Zero makes its money not from customer fees but from the movement of money through the financial system. This provides a cash stream undiluted by the costs associated with cumbersome legacy technology and processes.”

Narsai said technology underpinned the bank’s pricing revolution and gave it an edge in other areas.

“At a time when bank fraud is escalating dramatically, our technology provides a uniquely safe banking environment. We can confidently confirm that no Bank Zero customer has experienced loss from card fraud,” Narsai said.

The bank used biometric technology to protect customer accounts, while patented card technology prevented card skimming and online card fraud.

“Since it launched in October 2021, Bank Zero has attracted a disproportionately large percentage of business accounts, a trend that has been accelerated by the introduction of its full commercial banking offer earlier this year.

“By reducing costs significantly and enhancing customer productivity, we are helping create a more efficient financial system, and so driving economic activity. Never underestimate the potential of technology to disrupt the status quo – in this case, very much for the better,” Narsai said.

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