One of the lead stories in most newspapers today is that Standard Chartered is offloading 20Twenty.
This is my reflection on the 20Twenty story by way of a selection of paragraphs from those e-mails I have been sent by 20Twenty and then Standard Chartered.
I recieved this from Standard Chartered by mail last night:
Our preferred option would be to transfer it to a like-minded financial services provider. We understand that this may cause uncertainty, but we’re committed to minimising any possible inconvenience. We’ll update you on progress in mid November.
20Twenty was the brain-child of Christo Davel. I’m a 20Twenty client of old. When they first launched I signed up to see what the buzz and hype was all about. And it was right for there to have been buzz and hype. 20Twenty did something back then that was revolutionary from an Xer perspective…. they built a bank that spoke to us in a way we could understand and created a connection with us that felt like we were connected. We could reach a Wired Warrior 24/7, and they had cooler voice messages on their phone queue than Kulula could ever hope to have. They hooked us into a dream to make banking different. And to a large degree they did. I even saw 20Twenty bumper stickers on the cars of twenty year olds. Ever seen a bumper sticker from one of the big four banks on anyone’s car? Me neither….
We’re looking for the zany people.The brainy people, the idealists, the visionaries, the virtuous, the talented, the sunny side ups.The one’s who don’t believe in Murphy’s Law.Who look for the silver lining, gaze at the world upside down.The brave. The bold. We’re looking for the sharpest knives in the drawer.The Napoleons, the Joan of Arcs, the Charlie Chaplins.In a nutshell, we’re looking for people with 20twenty vision. And what you’ve just read is one of our recruitment ads. You’ll see them in the Sunday newspapers because right now, we’re looking for some Serious Talent to help drive 20twenty forward.
But then Sambou happened and finally Standard Chartered stepped in and used 20Twenty as a launch pad into SA:
This deal marks the beginning of a fantastic future and here’s why: Standard Chartered Bank is rock-solid. They have a global presence and a brilliant track record. For you, should you choose to re-activate your 20one account, this means safe deposits, safe credit, and a continued and happy relationship with MasterCard. But here’s the best part Standard Chartered has given 20twenty the liberty to continue to deliver the same innovative services that you look for in your bank. The same freedom, choice, flexibility. Same 20one account, 20one card, Wired Warriors and more. All in the familiar orange and black livery of the 20twenty brand.
The direction of 20Twenty became clear when Christo left:
If you haven’t seen the papers, or only heard the hearsay, we wanted you to have the news of our latest developments directly from us. As the press release issued by our banking partner and parent [Standard Chartered Bank] explained yesterday, Christo Davel – our much-loved, call-him-by-name 20twenty CEO – will be leaving us, with our immense gratitude for his contribution to changing the world of banking, and our very best wishes for his future.
It became clear because the language in the e-mails changed. They were written less by the voice of a ‘crazy one’ and more like the voice of the bank my mom and dad bank with. The Maveriks were leaving and the lawyer’s were arriving.
Chasing a dream to change an industry and making a profit don’t always go hand in hand. And that is the sad story of 20Twenty.
While home loans are now showing strong momentum, we have had to make some tough decisions to achieve our growth strategy in South Africa.
Nuf Sed
It is a sad day to see this happen. Coming out of a banking background, there was no doubt that 20twenty was up against some hefty players and for a while they had all the big banks running. I still think there is a place for this kind of bank in SA, it is a pity that banking licenses are so tightly held (NOT unlike the Telkom debate) MTN has been trying to get into this space for years now but no one will grant them a banking license, mostly because the banks know they will lose customers. This kind of business tragedy will go down as one of the big “what if’s” in South African entrepreneurism… Sad to see them go!
I remember when I worked with Saambou how excited we all were about 20twenty. I worked in the division that linked directly to them. I remember when I first met Christo Davel and the immediate awe I felt. I loved their language. I loved their website. It’s the closest I would ever come to say My Bank is my….whatever!
(Sigh)
hi 🙁 it’s been a good couple of years since the dream that was 20twenty was dismantled and removed from the world of banking and still today now one has been as brave or as helpful as they where something as simple as customer service still no where close to what they had, ease of use no where near what it should be or was.
the day my heart broke was they day 20twenty was no more i hate those SC bastards who killed something so wonderful for marginal profits and who through away there customer base before they even brought anything to the table.
20twenty clients where those who saw the future of banking who knew that a building did nothing but over parking problems and that there was no easer way to do banking but online.
Today almost every one of the big 4 have a internet banking system but all of them suck and cannot touch a fraction of the functionality I use to get out of 20twenty interface
not one of them can be innovative they are all dinosaurs dumb stupid primates that lack vision.
If Christo Davel could find a way to bring 20Twenty back, with the warriors of old I would gladly open up an account again. They didnt just kill a dream, they killed a community. I have never befriended any one through banking before but to meet all those great people. Sharief the Sherrif, Tim the giant… Hunka, Astra, Roelf, Stephen H…… what great people. I remember being robbed and calling 20Twenty to let them know, the warrior I spoke to was amazing. I wish I could remember her name, she asked me if I was ok, tried to make me think of any other cards I needed to cancel and big surprise, she called me the next day to find out if I was ok and how I was feeling…. Where else would you have found people at a bank that actually cared. That was the difference….. late I know… but I still miss them all.