Disruption in the banking sector is on the horizon as a new way of banking is coming. The expected launch of Bank Zero is towards the end of 2018. What stands out when reading the information on their website and going over the press releases, is the need for increased transparency in banking. Bank Zero reps say “at all times the customer is aware of progress within a process”.
If we just take bank charges as an example of lack of transparency by banks. Have you realised that you will receive a notification of some sorts for all activity/deductions on your account, but not when banking fees are deducted by the bank? Yes, it is true. In South Africa banks do not notify you immediately when they charge your account for their services. The banks only add these charges at month end on your statement.
Surely this practice of selective notification of banking activity should be questioned?
This area will be a potential point of difference for Bank Zero if they claim higher awareness of what is going on in our accounts.