DOS & Co to launch London’s first digital private bank
UK-based advisory firm DOS & Co is the latest name in challenger banking as it plans to launch London’s first digital private bank.
It will rely on a Banking-as-a-Service (BaaS) back-end, and Banking Technology understands DOS & Co is talking to a number of BaaS suppliers at present.
The new bank will focus on private banking and wealth management, leveraging relevant APIs to build a private bank suitable for family offices and “complicated domestic” arrangements.
The bank says it will also support individual accounts for different properties, projects, yachts and domestic staff. It aims to have its FX as close to 0% as possible (depending on its platform and eventual model).
DOS & Co also plans to provide its customers a personal banker and won’t be utilising artificial intelligence (AI) or chatbots as it describes itself as “real” private banking, but “digital first”.
The target market is:
- Wealthy millennials, including “alternative” modern income and wealth sources (e.g. influencing, vlogging, tech entrepreneurs).
- Sports, music and entertainment stars.
- Family offices and entrepreneurs with domestic staff and multiple properties.
- “The other 99% of the top 1%”.
DOS & Co is currently gathering market information to build its platform. When launched, membership will be by invitation only initially, to ensure that it has the right number of private banking managers to be able to service its customers.
DOS & Co was set up in 2011. It describes itself as “an advisory firm catering exclusively for family offices and private clients, established to cater to the needs of London’s (ultra) high net-worth community and its diverse and exacting range of requirements”.
