A new Swiss bank is on the horizon. It will use digital technology to combine machine learning with human intelligence.
Geneva-based financial institute Alpian has received a full banking license from the Swiss financial market supervisory authority (Finma), according to a company announcement sent Wednesday.
The firm also indicated that it had secured a third round of funding that was fully subscribed by Italian financial institution Intesa Sanpaolo for 19 million francs (slightly more than $20 million dollars), helping the new bank to start offering services to clients in the third quarter of this year. According to Alpian, that step will also make it the first digital private bank in Switzerland.
Machine Learning and Human Intelligence
Alpian was originally established by Geneva's Bank Reyl, now majority-owned by Intesa. A total of more than $50 million U.S. dollars have been invested in the project over three rounds of financing.
The bank expects to shortly launch its alpha release internally to employees. It intends to combine machine learning with human intelligence and offer private banking services and investment expertise to affluent Swiss clients.
Four Languages
The firm will also provide basic banking services as part of its private banking platform, all of which will be integrated into the digital client experience. That includes payment and foreign currency exchange services, debit cards with in-app controls, and a chat interface that allows clients to speak to Alpian bank experts in German, French, Italian and English.
