Bank Zero is now offering commercial banking for businesses of any size.
“Bank Zero is ushering an innovative new approach far from the legacy ‘me-too’ solutions of traditional banks,” says Michael Jordaan, chair of Bank Zero. “We have completely rethought commercial banking to bring it into the Digital Age. We’ve built it from the ground up, which means we have no legacy systems that are both cumbersome and costly, leading to inefficiency and high bank charges.”
Yatin Narsai, CEO of Bank Zero CEO, comments: “It was a complex project, but the end result is ground-breaking. Because we were able to design the system as a whole, it works seamlessly with the user in mind. Everything from setting up your in-house banking team, changing mandates and granting access privileges, to making payments is all done within the app. It’s easy to set up and manage a flexible team of in-house ‘relationship bankers’ to do the legwork, and authorisers to approve transactions.”
Liné Wiid, chief financial officer of Bank Zero, says that from a user’s point of view, it’s a radical shift, and the productivity and safety gains are phenomenal. “Once you get over the shock of doing commercial banking on an app, you realise that doing your banking is a breeze,” she says. “Using legacy commercial banking was extremely time consuming, requiring manual paperwork and branch visits. When we do our banking during the busy month-end period, what used to take a day takes an hour.”
Bank Zero contends that its commercial banking app offers enhanced productivity as well as significantly lower costs – in some instances as much as 85% lower than traditional banks.
Yatin adds that the bank has also put a lot into security features: “For example, changed account details are flagged, and supporting documents can be added to payments for authorisation. It’s designed to enhance productivity while being very secure. Some business customers also enjoy using our informative scheduled payments and transfers to automate regular payments.”
Customers can access additional features such as downloading transaction histories into spreadsheets and setting up business debit cards for staff. Bank Zero Commercial Banking can supply card machines through a partnership with iKhokha and is fully integrated with Xero Accounting.