Open platform lets customers code their own bank account

Root is a programmable bank account that provides flexibility and individualised solutions by allowing free development of bank interfaces and credit card rules.

Root is a programmable bank account that provides flexibility and individualised solutions by allowing free development of bank interfaces and credit card rules.

There are lots of financial management tools and apps, but few give total control over settings, spending caps and displays. Fewer are linked directly to customer bank accounts. A new Cape Town-based programme called Root has the potential to do all of this and, at the same time, lead innovation in private banking.

Root allows customers-who-can-code the freedom to design their own account displays, rules and transactions. Even the accompanying credit card is programmable, so – for example – card spending limits or alerts can be set directly by the individuals according to their own needs and wishes. The new initiative comes courtesy of a collaboration between South African-based businesses, OfferZen and Standard Bank and led by app-innovator, Louw Hopley. They hope that by creating an open platform they will encourage innovations that will eventually reach beyond the coding community and be available for all.

Fintech is on the march with apps that can help manage bill payments and new ways to buy or spend with BitCoin. Root is set to make the world of financial innovation even more accessible and democratic. What will online banking accounts look like in five years? What other areas of financial management can fintech bring to private consumers?