How do digital banks cater to the wealthy? A look into Black Banx

Digital banking services continue to be an increasingly popular choice worldwide, with many options available to high-net individuals. Some of the top fintech services include Revolut, N26, Wise and Black Banx. They offer a range of features, including online banking, mobile apps, instant deposits, investment opportunities and enhanced security measures compared to traditional banks.

Additionally, many of these digital banks offer concierge services and personalised financial advice, catering to the unique needs of wealthy individuals. As a result, the digital banking industry is revolutionising the service provided to high-net individuals.  Billionaires often seek a more personalised experience with limited restrictions, something high-street banks don’t offer. With the ability to access accounts from anywhere, billionaires can enjoy flexibility that hasn’t previously been available.

Founded in 2014 by German billionaire Michael Gastauer, digital financial service Black Banx seeks to provide a borderless approach to banking. Over the last nine years, they have provided a financial service platform accessible to businesses, individuals and the financially excluded. Customers can send and accept local and international payments almost instantly and hold or manage funds in multi-FIAT and cryptocurrencies. It’s services like these that are becoming more appealing to the wealthy.

Convenience

Banking services such as Black Banx are convenient. They offer a secure, simple way to manage wealth and perform global transactions. Thanks to digital platforms, billionaires can now enjoy unprecedented levels of flexibility and freedom when managing their finances.

Digital banks are becoming increasingly popular due to the higher interest rates they offer on savings and investment accounts compared to traditional banks. This is particularly beneficial for billionaires looking to grow their wealth at an accelerated pace and achieve their financial goals more quickly. By taking advantage of these higher interest rates, billionaires can earn more money on their savings and investments, which can then be reinvested or used to fund other ventures. Additionally, digital banks often offer a more comprehensive range of financial products and services, such as online banking and mobile apps, which can make banking more convenient and accessible for billionaires who are always on the go.

Black Banx users can open an account within minutes, and it is accessible from 180 countries and 28 currencies. Its borderless nature makes it an excellent platform for billionaires who frequently travel, especially across Europe. No matter the time of day, the rich have instant access to their money without worrying about complications or delays. In 2021 it was reported that highly affluent consumers would move approximately 36% of their portfolio to a digital bank.

With all these benefits and more, it’s no wonder that digital banks are quickly becoming the preferred choice for billionaires when managing their wealth.

Personalisation

Digital banks offer something traditional bank branches lack: personalisation. Many allow billionaires to customise their accounts based on their preferences and needs and provide various personalised investment options for individuals looking to further capitalise on their wealth. Being a best-in-class global network, Black Banx allows users to process money without transaction limits and offers both a physical and virtual debit card that can be used worldwide.

Advanced Security

One key advantage of using a digital banking service is the security that comes alongside it. Knowing customers are holding significant funds within their systems, digital platforms use advanced security measures to protect customers and the bank from cyber security threats. For example, banks such as Revolut regularly monitor transactions, flagging suspicious activity along the way. In addition, Black Banx has two-factor authentication in place. Money is globally diversified and protected by multiple jurisdictions.

Previously, if a customer’s debit card were stolen, especially abroad, resolving this would require a phone call to the bank within opening hours. Now, most digital banking holders can freeze their cards and report them as lost or stolen through a smartphone app. This is particularly beneficial to billionaires who would be looking to freeze funds almost instantly. High-net individuals are also more likely to be targeted by hackers, so the added security of digital banks appeals to these groups of people immediately.

Digital banking services such as Black Banx cater towards billionaires in a way that the traditional banking model does not. Although conventional banks provide private banker access to those with significant assets, digital banks perform this service using artificial intelligence technology while retaining a personal touch. AI can understand a person’s financial habits faster than an individual, providing an all-around digital private banking experience at the tap of a finger. High-net individuals have access to various services that the average customer doesn’t. Black Banx offers lower fees, higher security, and an expanded approach to cryptocurrency over traditional banks.