Popular online bank 20Twenty has reopened its virtual doors to new business, inviting prospective clients to open accounts for the first time in more than two years.
20Twenty MD Christo Davel says invitations were sent out this week to people who had already registered on the bank`s Internet site. However, he has declined to say how many applications have been received so far.
"Although anyone can apply for an account, we are still in a testing phase ensuring that our systems and levels of service are up to the high standards that we demand," Davel says.
British bank Standard Chartered bought 20Twenty in August 2003 for $10 million from the curator of Saambou, the original parent, which was declared insolvent more than two years ago.
Standard Chartered has decided to keep 20Twenty`s original name, the first time the British bank has done this with an acquisition, because of the bank`s loyal customer base. During its early years, 20Twenty developed cult-like following, and its 40 000 customers remained loyal despite it being in the hands of liquidators for about 18 months.
Davel says apart from the opening of new accounts, the bank also intends to proceed with plans to expand its product offerings and with overseas expansion.
"Home loans have been the biggest request from our clients so far. But we also intend to open accounts for small businesses and garage card functionality," he says.
Davel acknowledges that 20Twenty will face stiff competition from the country`s top four commercial banks, Nedcor, First National Bank, Absa, and Standard Bank, all of whom have recently upgraded their online banking services considerably.
Related stories:
20Twenty preparing to reopen
Standard Chartered Bank expands into full service banking in SA
20Twenty inadvertently saved by big four banks
20Twenty customers elated
Share