The irruption of digital technology is turning the hushed world of private banks upside down

The wealthy clientele arouses envy. Many digital start-ups are embarking on this niche with the announced objective of “democratizing wealth management” or of “make private banking accessible”.

This is, for example, the case of Yomoni, present on the market since 2015, which ensures in its presentation to combine “the best of private banking (…) to that of online banking”. “For customers who can qualify for private banking with simple assets, the additional cost that this type of establishment represents compared to what it offers is not attractive.believes its president, Sébastien d’Ornano. We have more and more customers who provide a few hundred thousand euros, even a few million. However, their asset management does not require costly recourse to a private bank. »

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Same story with the very young fintech Artur, founded by wealth manager Vania Mareuse. These actors adopt either a global approach, like Artur, who first offers a tool for aggregating wealth (which allows for a global vision), then investments such as health insurance. life, retirement savings, real estate and crypto-asset investing.

A positioning also adopted by Grisbee or by the very young Finary, which is currently refining its aggregation service and the associated analysis tools. “We offer simulators inspired by wealth management”, welcomes Mounir Laggoune, its founder. If the basic functionalities are free, these more elaborate tools are reserved for members of Finary Plus, subject to a subscription of 15 euros per month. The next step for this fintech, which claims 10,000 banks connected to its tool, is to enrich its offer with investment solutions.

Fixed management fees

These players generally seek to differentiate themselves through price. Artur offers, for example, a life insurance contract with fixed management fees, regardless of the amount of savings invested. “We found that managing a portfolio cost the same price from a few thousand euros to 500,000 euros, explains Vania Mareuse. There is no reason to charge 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 tends to turn into opacity”says Sébastien d’Ornano.

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