The dawn of digital technology is turning the silent world of private banking upside down
The wealthy clientele arouses envy. Many digital start-ups are entering this niche with the announced goal “Democratization of Wealth Management” Or from “Make private banking accessible”.
Such is the case of Yomoni, for example, which has been on the market since 2015 and in its presentation ensures that it is combined “The best of private banking (…) to online banking”. “For customers who can qualify for private banking with simple assets, the additional effort that this type of institution represents compared to the offer is not attractive.believes its President Sébastien d’Ornano. We’re getting more and more customers who are giving a few hundred thousand euros, even a few million. However, your wealth management does not require the expensive use of a private bank. »
The same applies to the very young fintech Artur, founded by wealth manager Vania Mareuse. These players either take a global approach, like Artur, which first offers a wealth aggregation tool (allowing for a global vision), then investments such as health insurance, life insurance, retirement savings, real estate, and investing in crypto assets.
A positioning also adopted by Grisbee or the very young Finary, who are currently refining their aggregation service and associated analysis tools. “We offer wealth management inspired simulators”, welcomes Mounir Laggoune, its founder. If the basic functionalities are free, these more sophisticated tools are reserved for Finary Plus members who take out a subscription of 15 euros per month. The next step for this fintech, which says it has connected 10,000 banks to its tool, is to enrich its offering with investment solutions.
Fixed Management Fees
These players generally try to differentiate themselves through price. For example, Artur offers a life insurance contract with fixed management fees, regardless of the amount of savings invested. “We have found that managing a portfolio costs the same price from a few thousand euros to 500,000 euros, explains Vania Mareuse. There is no reason to ask for more. » Yomoni or Nalo also highlight their prices, with management mandates based on ETFs (exchange traded funds), very lightly loaded index funds. And also their greater transparency on the subject. “In private banks, confidentiality turns into opacity”says Sebastien d’Ornano.
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