Rubies Bank Review: Bank with Almost Zero Charges
What is Rubies Bank?
Nigeria has seen the emergence of lots of Fintech companies and one of the notable ones is Rubie's bank. Rubies bank is not just a regular bank where we are all familiar with. So, what is
RUbies bank is a fully digital banking platform, that is offering zero-fee banking targeted at millennials, SMEs, young professionals, quasi-financial institutions, and FINTECH companies. Rubies bring up new concepts to Banking Technology, Marketing, and Engagements that are powered by Cloud Technology, AI, and analytics.
Rubies Unique features and offerings:
Rubies make sure that every feature has something to offer to make the experience to be highly personalized. The following are some of its features:
1. With Rubies, your account number can be personalized (some users use their phone numbers as account numbers)
2. Free debit cards can have your preferred name, for example, a nickname. It is would also be delivered to you at no cost.
3. Money Request: for those who keep on giving the excuse of not having your account number or even those that owe you money. This feature would let a customer request for money and instantly get credited from someone’s account number or even from their phone number. You request money from people, they only have to approve and you would get credited. It is that simple!
4. Proximity Transfer: This feature allows you to send money to people using your location (The new Bluetooth for money transfer)
How Rubies allows customers to earn money
With the aim of empowering people, Rubies brings to the market a unique feature, which allows anyone who wants, become an Independent banker. What does it mean for you to be an independent banker you might be asking?
If you are willing to run your own micro bank, Rubies serves as the platform for you to do that freely. You would just have to on-board your own “banking customers” using your unique link and every time your customer does a transaction, you would earn some amount of money. Rubies want everyone to take a piece of the pie.
The possibilities with the app are endless.
What makes Rubies different from other banks?
Starting with the most sensitive topic these past couple of months, which are bank charges. Typically, regular banks attract a lot of avoidable expenses such as the monstrous Technology cost, over-rated marketing cost, branch operations cost, big bankers’ salaries, and so on and so forth. Rubies is powered by home-grown software, Artificial Intelligence, and analytics.
The cost of running is driven down to near zero. This makes it possible to remove charges and avoid all the “hidden” charges that regular banks levy their customers. For interbank transactions, Rubies charges N21 (instead of N52 that regular banks charge), this being the cost of the transaction that is payable to the switches, while Rubies earns nothing from the charges.
The technology that is invested in developing Rubies is unmatched, with the fast pace world of ever-growing technology, the use of artificial intelligence, data analytics, and recommender systems help to personalize each individual’s banking experience. In addition, for scalability, cloud computing allows for scaling, seamless customer growth as well as ensuring top-notch security.
Rubies have taken the disruptive and unorthodox approach to market using advocacy-based techniques such as Independent Banker, freelance Brand Ambassadors, and direct data-driven marketing.
Rubies is a Banking app on steroids. It provides banking functions much like any other banking solution but it offers much more than most banking apps. Here are some of the things that make it so much better:
1. Social Appeal: you interact with other users on Rubies and get alerted when your buddies join Rubies, Proximity feature allows you to see people around you. The look and feel are sleek, neat, and appealing.
2. Money Market: this is where you make money either by investing or providing money to those who need it on loan. Rubies Credit score keeps increasing in popularity as a defacto.
3. Open Banking: API-based architecture of Rubies will give it the scale it yearns. The open banking architecture allows for smooth integration with FINTECH companies, SMEs, and other quasi-financial institutions while Rubies serves as a layer-2 Clearing function.
4. Bank-as-a-service: Rubies Technology is available for use by any other financial institution that is in the domain of Banking, Technology, Finance, and FINTECH industries, therefore offering banks as a service.
Rubies app is here to disrupt and give every individual control of their banking experience as well as financial freedom.
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