The country of banking will get yet another new digital bank next year, geared primarily towards a mature, wealthy clientele. The range of products will include a special focus on health issues.
They are wealthy, keen to spend the money and a group growing in number: pensioners are worth their value in gold for an industry such as banking. It is this segment that Longevity, a new digital bank set to launch in spring of 2021, is keen to serve.
An international group of investors organized under the umbrella of Deep Knowledge Ventures is the driving force behind the project, according to a report by «Swissinfo». The group already runs the Longevity Capital investment fund based in Switzerland, Longevity Fintech Company in London as well as various analysis, artificial intelligence and research operations with an emphasis on gerontology.
Bid for Fintech License
The company has already sought a banking license in London and aims to get a Swiss fintech license in the not too distant future, according to the report. It is a license such as the one Swiss digital bank Yapeal recently was awarded by Finma, the banking regulator.
Longevity told «Swissinfo» that it aimed to provide banking services similar to those offered by rivals such as N26 and Monzo, but that it also wanted to sell healthtech solutions to its customers.
Sharing Your Data for Bonus Points
The application eventually will include a bonus system similar to the ones operated by some of Switzerland’s health insurance companies. They offer clients the opportunity to earn points with what the firm considers a healthy way of life, sharing their data with the company.
The app will include a platform for healthtech services by partner firms, for which the bank’s clients will get a discount.
Crowded Swiss Digital Market
The Longevity Capital funds will finance the launch of the bank by raising as much as 212 million Swiss francs ($218 million) through the end of 2021. Longevity Bank also plans to support other firms that have banking operations geared towards a long-life strategy.
The addition of yet another digital bank will make the Swiss market even more crowded and competitive. Earlier in May, Geneva banking group Reyl announced its intention to build a digital private bank in Switzerland – Alpian as it is called will hence appeal mostly to the wealthy clients. And yet another, Yapeal, plans to go live this summer.
