The End of a Love Affair
The end of a relationship is always difficult. One is left with a sense of betrayal; the feeling that your trust has been abused; your confidences compromised; that you have been used for the other party’s purposes; in fact you feel totally foolish especially when you remember how you extolled their virtues.
So it is with 20Twenty Bank.
When 20Twenty was launched it seemed to be the beginning of a new era in banking. Here was an organisation that spoke to you in plain English; used modern technology to operate as a cyber bank and gave unbelievable service; a 21st Century Bank that made the others seem steam driven.
Although operating in its own right 20Twenty was a branch of Saambou Bank – and herein lies the rub. For a number of reasons – unrelated to 20Twenty – Saambou crashed and was put under curatorship. 20Twenty clients found their funds and facilities frozen and began a bumpy and uncertain ride. But despite this an extraordinary thing happened – something unheard of in the world of banking – 20Twenty clients rallied to support ‘their’ bank. Less than 5% closed their accounts and a supporters club was launched complete with its own web site.
After the best part of a year things seemed to be on the mend. Standard Charted Bank acquired 20Twenty and promised the earth. But not for long. The most ominous sign was that the founder of 20Twenty – Christo Davel – soon left. Then Standard Charted launched a programme of ‘transforming’ 20Twenty to their image. Now the news is out that they want to dispose of the cyber bank and concentrate on what they term their ‘core’ business - home loans.
It seems that 20Twenty clients will know their fate by the middle of this month. Unfortunately whatever happens the grand passion is over. The waters are muddied and we mourn the demise of a magnificent concept in modern banking; far too modern for the pin striped brigade of Standard Chartered it would seem.
It’s back to the granite mentality of the established banks. The affair with 20Twenty has ended. Unfortunately, and as always with grand passions, all that is left is a bitter taste as the perfidious nature of all relationships once again emerges.
The end of a relationship is always difficult. One is left with a sense of betrayal; the feeling that your trust has been abused; your confidences compromised; that you have been used for the other party’s purposes; in fact you feel totally foolish especially when you remember how you extolled their virtues.
So it is with 20Twenty Bank.
When 20Twenty was launched it seemed to be the beginning of a new era in banking. Here was an organisation that spoke to you in plain English; used modern technology to operate as a cyber bank and gave unbelievable service; a 21st Century Bank that made the others seem steam driven.
Although operating in its own right 20Twenty was a branch of Saambou Bank – and herein lies the rub. For a number of reasons – unrelated to 20Twenty – Saambou crashed and was put under curatorship. 20Twenty clients found their funds and facilities frozen and began a bumpy and uncertain ride. But despite this an extraordinary thing happened – something unheard of in the world of banking – 20Twenty clients rallied to support ‘their’ bank. Less than 5% closed their accounts and a supporters club was launched complete with its own web site.
After the best part of a year things seemed to be on the mend. Standard Charted Bank acquired 20Twenty and promised the earth. But not for long. The most ominous sign was that the founder of 20Twenty – Christo Davel – soon left. Then Standard Charted launched a programme of ‘transforming’ 20Twenty to their image. Now the news is out that they want to dispose of the cyber bank and concentrate on what they term their ‘core’ business - home loans.
It seems that 20Twenty clients will know their fate by the middle of this month. Unfortunately whatever happens the grand passion is over. The waters are muddied and we mourn the demise of a magnificent concept in modern banking; far too modern for the pin striped brigade of Standard Chartered it would seem.
It’s back to the granite mentality of the established banks. The affair with 20Twenty has ended. Unfortunately, and as always with grand passions, all that is left is a bitter taste as the perfidious nature of all relationships once again emerges.
posted by Malcolm @ 7:32 pm
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