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Bank fees are too high. It’s unfair! – Bettr (new app-powered 'bank')

29 September 2020 11:11 AM
Tags:
Banking
Personal finance
Bank
Fintech
Digital Banking
bank fees
Bettr
Tobie van Zyl
virtual bank
digital bank

"We aim to do banking differently," says Bettr cofounder Tobie van Zyl. "The traditional banking model is going to evaporate."

It’s fundamentally unnecessary to go to into a bank branch.

Bruce Whitfield, presenter - The Money Show

In 1994 Bill Gates famously said, "Banking is necessary; banks are not".

Twenty-six years later and the case for stand-alone, digital-only banking products is compelling.

The Money Show’s Bruce Whitfield interviewed Tobie van Zyl, cofounder at Bettr, a brand-new “virtual banking experience” powered by a smartphone app.

We are not a bank… We’re a technology company that aims to do banking differently… The traditional banking model is going to evaporate… Right now, in South Africa, the average bank account costs consumers half a day’s minimum wage. It’s unfair… it’s unaffordable…

Tobie van Zyl, cofounder - Bettr

We don’t lend and we don’t take deposits. We partner with a sponsor bank – we’ll announce which one later this year… We offer an interest rate in exchange for the commercial bank that obtains low-cost deposits…

Tobie van Zyl, cofounder - Bettr

You can start entrepreneurial ventures within our banking ecosystem… You can swop or trade phones, books, clothes… We share the interest rates that we earn with the customer. We’re so lean, we can literally survive on two revenue streams…

Tobie van Zyl, cofounder - Bettr

We ran into many challenges when building this business… When we started three or four years ago, it was ahead of its time…

Tobie van Zyl, cofounder - Bettr

Listen to the interview in the audio below.


This article first appeared on CapeTalk : Bank fees are too high. It’s unfair! – Bettr (new app-powered 'bank')


29 September 2020 11:11 AM
Tags:
Banking
Personal finance
Bank
Fintech
Digital Banking
bank fees
Bettr
Tobie van Zyl
virtual bank
digital bank

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