Banking as we know it is finished. So says the boss of one of the world’s largest independent financial advisory organisations, deVere Group, as his firm enters the financial technology (fintech) sector.
The comments by Nigel Green, founder and CEO of deVere Group, come as he launches deVere Vault, a global e-money app. The announcement follows further pushes into the banking sector by deVere. In the last two months, the company has launched its own private bank and received an investment banking licence.
The start of deVere Vault has also been facilitated by deVere receiving its own e-money banking licence. Nigel Green, founder and CEO of deVere commented: “The launch of our challenger bank, deVere Vault, is the latest move to provide expat clients a comprehensive, global service. Personal advice with digital solutions is what people need in today’s world.
According to Green, “deVere Vault, a low-cost, app-only e-money service, has been driven by demand from internationally-mobile individuals, globally-focused firms and expats. They want to access, manage and use their money instantly and seamlessly wherever they are in the world.
For these people and firms, plus the broader key 18-45 year-old demographic worldwide, it is now normal to do everything on their mobile or tablet. Increasingly, this is also extending to their day-to-day financial requirements.
“It is a trend that is only set to gain momentum moving forward. I believe the days of traditional banking are numbered,” he says. “This is due to the speed with which banking information can be accessed and transactions made via app-only services. Such money apps are growing in popularity due to this high level of convenience, increased security, and as people become ever-more tech-savvy.”
Green goes on to say: “Initially, deVere Vault will provide global services in electronic money and a single-card, multi-currency service. Focusing on those with an international lifestyle, we will also ensure that the best currency exchange ratios are given.
“You will be able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies instantly with other deVere Vault account holders.”
“And this is just the beginning,” the deVere CEO concluded. “We’re confident that deVere Vault is set to revolutionise how people access, manage and use money across the world and positively disturb the wider banking sector. Banking as we have known it until now is finished.”
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