On your client base in Switzerland: how did the reality compare to what you initially expected?

We had high ambitions, and as with every new venture some things worked out and others did not. First: we probably thought at the outset that it would be easier for people to move beyond that first step and start investing. When you deal with your own wealth, economics and financial theory do hold – but emotional decisions can just as much become the impulse to act. That is why we built the discretionary offering at 2,000 francs. And that is why we developed the third-pillar solution. Its tax advantage and greater familiarity make it far more accessible.

And second?

Trusting a new institution or service takes longer than we thought. Anything new is a journey. Add the volatile macroeconomic context and what has happened in the Swiss financial center over the last four to five years. I wouldn't use the word resistance, but people are more cautious before deciding. Everyday banking therefore matters more for building trust than we initially assumed. I was already at the table when this was still a piece of paper. Back then, everyday banking was simply an industry standard you had to have. We realized that a complete offering – hence eBill first and now Twint – is a strong building block for creating trust, because an affluent client goes to the supermarket and to the restaurant regularly and uses everyday services in doing so. Earlier we had thought trust was built through investment services alone.

Your client base is now around 40,000 people, and it basically doubled with the takeover of the Radicant portfolio. What share of those clients would you describe as really engaged – rather than those who simply came for an attractive marketing campaign?

One number I find interesting: in 2024, around 17 percent of total client assets with the bank were invested. In July 2026 it was about 34 percent. Engagement is up across the board. Investment is growing, everyday banking too: the amount spent through credit cards grew 156 percent from 2024 to 2025 and is up again around 90 percent compared to the same period last year. The same goes for foreign exchange, which grew 72 percent from 2024 to 2025 and has now risen by more than 80 percent again. On monthly active users we are comparable to other European and Swiss institutions, above 50 percent.

Are you satisfied with the development of the Radicant base you were able to purchase half a year ago?

Two contradicting answers: on the one hand yes, because we migrated the portfolio in four months without disrupting the bank's main strategic activities. We certainly had to defer some things; a project like that has its impact. But technologically and operationally the transfer was properly done. Clients who wanted to take a step immediately could do so. Since the official transfer at the beginning of April we have seen a steady improvement in engagement metrics.

«A transaction like Radicant is a one-off project, but we remain open to opportunities for a large intake of clients.»

On the other hand I am never satisfied, because more can always be done. I come from a family of entrepreneurs, my father has been in business for 45 years. What I learned is that even if you are successful, you should never settle. What we work on is activation, and that is true for the Radicant base as much as for clients who came to us recently. Whoever came for a foreign exchange transaction or the multi-currency payment card should discover the other services too. We see clients spreading themselves across multiple providers, and then they no longer have a consolidated view. A transaction like Radicant is a one-off project, but we remain open to opportunities for a large intake of clients.

You said you are going to internationalize the client base. What is the timeframe, and which markets are your primary focus?

It is a complementary project, not the bank's strategic core. It builds on services we already have. It does not change what Alpian is today. We are still work in progress and we need the customary approvals from the regulator. We would like to offer the service from 2027. We start with the neighboring countries: there is proximity, we already have the infrastructure and the languages, and that is where the demand has taken form. Cross-border commuters, for example, have a clear need: a Swiss bank account on the one hand, a multi-currency solution on the other. Historically, 20 to 30 percent of our requests to open accounts came from people without Swiss residence. That is demand we want to capture. We have learned to start with something of value, be in the market and iterate on client feedback, rather than embarking on a multi-year project where you only find out at the end whether it works.

There have been rumors for years that Revolut is aiming for a Swiss banking license. What would that mean for Alpian?

I do not comment on rumors. Globally, what Revolut has achieved is remarkable. None of us who work in financial services can look away here. What happens on their Swiss journey is beyond my control. What we can very much control is our differentiating factor: the advice to clients and the role of humans, combined with high quality products. Those two aspects are key for us regardless of Revolut. We see ourselves as an institution that helps the individual assess their own situation and steer toward their own goals – rather than one that simply offers a discretionary or an advisory mandate.

«We want to be chosen for that advice, not as a self-service belt.»

Yes, we are digital and everything runs through the app. But we want to be chosen for that advice, not as a self-service belt. Always with high quality products, which is why we have benchmarked ourselves against the industry since the very first day. We partner with Performance Watcher, which aggregates the performance of Swiss wealth managers. On their data at the end of 2025, for a balanced Swiss franc portfolio, we are in the top 20 percent in Switzerland, net of everything.

We recently published a piece on Alpian's 2025 financial result (article in German only). A net loss of close to 30 million francs is still substantial. How much pressure do you feel from the shareholder to shrink that figure in the coming years?

What matters is what I have said from the beginning: the moment you build a bank, a Swiss booking center, it is a capital investment and not just an interface. We need to grow the business sustainably and meet all the standards while doing so. We have the plan and the capital to deliver on it. Obviously we need to improve our financial result – there is no secret in that. We have to develop the client relationships and see to it that the business becomes sustainable. 2025 was the first year in which our J-curve inverted. We don't do credit and have no loan book, but thanks to treasury management and our multi-currency cash portfolio we have improved across the board, including the interest margin – never to the detriment of service quality or of the investment in the security and technology of our platform. And of course the interest rate of 0 percent in Switzerland is a factor we cannot change.

Gianmarco Bonaita is a co-founder of Geneva-based digital bank Alpian and has been its CEO since September 2023. He previously served as deputy CEO from October 2022 and, from January 2020, as co-founder and head of strategic projects; he built the bank from the outset. Before Alpian he worked at the Boston Consulting Group in Geneva.