A New Generation of Wealth with 220
The World of banking has been undergoing a revolution in the last decade, with many challengers coming for the retail banking market, yet there has been one region of banking that hasn’t been truly challenged for nearly 600 years, Private Banking, that is, until now.
220, is a private members neo-bank, founded by a Swiss-British team based in Cardiff led by founders Henry Fudge a former Swiss Wealth Manager and Sam Harry, an online influencer and content creator with over 1.2m subscribers. 220, which stands for Second to None, will be offering a range of services catering to new High Net Worth clients.
Private Banking and Wealth Management is simply a more tailored banking and investment service for some of the most valuable clients, known as HNWI, and with over 360,000 dollar millionaires in London alone the UK Leads the world as the home of the worlds wealthy, combined with its prestige as a global leader in Fintech, it is an ideal base for 220’s launch.
The world is full of traditional Private Banks, from Switzerland’s traditional players to the Queens own bankers Coutts of London, catering services to an increasingly aged client base, where over 66% of clients are above age 60 and services are offered in traditional quiet London or Zurich offices. However, the world of Wealth is changing, and fast. 84% of millennials are currently seeking financial advice and there is currently over $24 Trillion held by millennial HNWIs Globally, and with a forecast $68 trillion to be inherited by 2040, making them the wealthiest generation in history, yet, they are woefully underrepresented in the client bases of traditional wealth managers, and their demands from a wealth manager are a little different to previous generations.
This new generation of wealth demands a quick and effective in app experience and value for money, and right now, despite the premium nature of private banking, none have created a digital experience up to standard of even mass market neo-banks. The Queens own bankers Coutts sit on a dismal 2.7 star app rating with little to no services other than an overview service, while UBS the worlds largest Wealth manager seems to have a cacophony of over 11 separate applications all still failing to render a seamless integrated banking service. Wealth Management needs a shake up and 220 is here to do just that.
How Is 220 Challenging the Status Quo?
The 220 team’s vision is to create the world’s first Digital Private Bank for this new generation of wealth, offering a full in app experience, multi-currency current accounts, the finest metal cards in the market, hyper cost efficient passive investments at 0.5% AMC the lowest rates in the market, and a world of client perks and discounts for its exclusive members, from airport lounge access up to even supercar ride hailing with partners HYPR.LIFE.
220, is sticking to its name, by offering a far higher standard of service to a hand selected base of clients than current neo-banks, all while offering a much more convenient and faster service than traditional Private Banks.
Traditional Private Banks can take up to 6 weeks on average to on-board a new client, with 220 they have slashed this to just 15 minutes. With their integrated round up and automatic investment features with the 220 integrated robo-advisor, clients have the convenience of a Private Banker in their pocket ensuring a seamless and simple investment process to passives.
Where Private Banks render services behind closed doors to the world’s elite, 220 aims to open up the tools of the 1% in a quick and cost effective manner to its exclusive millennial members.
What’s On The Horizon For 220?
220 is currently under continued development in the UK in preparation for a Q1 2021 Launch, working in late alpha stage currently.
220 Currently accepts clients details into an application pool on its website 220bank.com, where on launch a limited number will be hand selected, to join the private members Fintech which in its first year will cap its global client base to just 10,000 members.
To boost trust in 220 and cement its position as a global player, a 220 group company will apply for an E-Money Institution Licence from the FCA, which it hopes to obtain soon.
220 is also extending a number of additional partnerships for client benefits over the coming months to continually add massive value to all future memberships. They will also be extending partnerships to a number of traditional service providers in the wealth space, to massively increase the offerings to clients through 220 in more specialised services rendered by these strong partners, including Mortgages, bespoke financial planning, and bespoke investment services, it remains in discussions with a number of Swiss and British partners in this space.
As an innovative player in the Private Wealth Space, 220 will also be incorporating a new generation of assets into its service roster for the new generation of wealth, offering cold storage and brokerage through its Swiss partners, becoming the first Private Wealth Manager in the UK offering digital assets to clients.
More information on 220 can be found on their website 220bank.com where you can apply online to be one of their first founding members of their exclusive service which is launching in Q1 2021 for select qualifyingmembers.