Revolut is set to venture into the private banking sector, broadening its service offerings to better serve high-net-worth individuals. This move signifies a significant expansion from its traditional retail banking focus.
The innovative financial platform has recently posted job opportunities for key roles, including a private banking compliance manager, legal counsel, and a head of relationship management. According to the job listing for the relationship manager position, the Private Banking team will be integral to this new exclusive service. The team will focus on establishing long-term relationships with affluent clients worldwide, employing a meticulous and expertise-driven approach that encompasses everything from client onboarding to ongoing financial advice. The role of Head of Relationship Management will involve leading the team of Relationship Managers and steering the strategy for growth within the private banking division.
In addition to its standard retail financial offerings, Revolut’s comprehensive banking application is already designed to meet the needs of a diverse clientele, including young professionals and entrepreneurs who primarily conduct their banking through Revolut yet seek additional services elsewhere to manage their wealth.
By entering the private banking arena, Revolut will position itself against various competitors, including emerging WealthTech startups like the London-based firm Sidekick and the Swiss neobank Alpian, as well as established global financial institutions.