The digital banking revolution is entering a new phase. After disrupting traditional banks with free accounts and mobile-first experiences, leading neobanks are now targeting an unexpected demographic: wealthy clients seeking private banking services. From Revolut's latest UK hiring spree to BoursoBank's premium BoursoFirst offering and Alpian's digital-first wealth management platform, the race to serve high-net-worth individuals is reshaping the fintech landscape.
Revolut Builds Private Banking Team in the UK
Revolut's recent job posting for a UK Private Banker signals the digital banking giant's serious ambitions in wealth management. The role focuses on developing long-term relationships with high-net-worth individuals globally, marking a significant departure from the mass-market positioning that built the company's reputation.
The position requires candidates with substantial private banking experience—3+ years in wealth management or similar financial advisory roles—along with professional qualifications including the CISI Level 4 Investment Advice Diploma or CFA Level 1 plus Investment Management Certificate Level 4. This isn't a digital banking experiment; it's a calculated move to compete directly with traditional private banks.
What Revolut's Private Bankers Will Do
The role encompasses the full spectrum of private banking services:
- Client Onboarding: Guiding high-net-worth individuals through the complete customer lifecycle
- Tailored Advisory: Identifying client requirements and conveying value through solutions-based approaches
- Portfolio Management: Conducting regular portfolio reviews and recommending optimizations
- Cross-Selling: Identifying opportunities to leverage Revolut's full suite of features
- Financial Planning: Providing comprehensive advice on deposits, savings, and investments
Revolut emphasizes that private bankers will "own their market segments" and solve complex problems with a "sharp, solution-oriented approach." The company seeks individuals who can act as trusted advisors while maintaining "unwavering integrity"—language typically associated with traditional wealth management rather than digital-first banking.
The job posting reveals Revolut's strategy: combine the technological efficiency of a neobank with the personalized service expected by affluent clients. This hybrid model could prove disruptive in a private banking sector often criticized for high fees and outdated technology.
BoursoBank Launches BoursoFirst: France's Digital Private Banking Revolution
In December 2024, BoursoBank unveiled BoursoFirst, a groundbreaking digital private banking service priced at just €29 per month. For France's leading online bank, this launch represents a strategic push upmarket to serve its nearly 400,000 high-net-worth clients and attract affluent millennials.
BoursoFirst: Premium Banking at Accessible Prices
BoursoFirst demonstrates how neobanks can democratize private banking services traditionally reserved for the ultra-wealthy. The offering targets clients with at least €100,000 in assets, providing access to sophisticated financial products previously unavailable through digital channels.
Key features include:
- Customizable Structured Products: Clients can build personalized investment instruments from €100,000, choosing underlying assets, capital protection levels, and automatic early redemption options. BoursoBank partnered with Société Générale to offer thousands of combinations with market-leading structuring fees.
- Luxembourg Life Insurance (BoursoVie Lux): A fully digital policy providing access to approximately 4,000 financial instruments, including private equity funds. The contract combines the legal and tax advantages of life insurance with extensive asset protection, available from €250,000.
- Private Equity Access: Through partnership with Opale Capital (a Tikehau Capital subsidiary), BoursoFirst members can invest in institutional-grade private equity funds (FPS format) from €100,000, targeting annual returns of 15-20%.
- Premium Term Deposits: Exclusive rates up to 2.6% on term deposits, offering capital-guaranteed returns in a declining rate environment.
- Lombard Loans: Digital loans at 2.95% allowing clients to leverage savings without withdrawing funds, available from €101,000 up to €2 million.
Dedicated Expert Support
Beyond products, BoursoFirst provides access to specialized financial advisors with extended service hours, personalized retirement and tax simulations, and exclusive webinars for financial planning optimization. The subscription includes BoursoBank's Metal card and BoursoPrime loyalty program—normally €19.80 monthly combined—plus priority access to wealth management specialists.
Impressive Early Results
Less than one year after launch, BoursoFirst has already surpassed €1 billion in assets under management, demonstrating strong market demand for accessible digital private banking. BoursoBank CEO Benoît Grisoni attributed this success to the compelling value proposition, noting that several flagship products like Luxembourg life insurance and Lombard loans were only recently introduced.
The bank targets €300 million in net profit by 2026, with BoursoFirst playing a central role alongside its broader €93 billion in total assets (Q3 2025).
Alpian: Switzerland's Digital Private Banking Pioneer
While Revolut and BoursoBank are entering private banking, Alpian has positioned itself from inception as "Switzerland's first digital private bank." Founded in Geneva in 2019 and publicly launched in 2022, Alpian represents a different approach: building a neobank specifically designed for wealth management from day one.
The Alpian Model: Accessible Swiss Private Banking
Backed by Fideuram (Intesa Sanpaolo's private banking arm), Alpian holds a full FINMA banking license and targets the "mass affluent" segment—clients seeking private banking services without the traditional €1-5 million minimum often required by Swiss private banks.
What sets Alpian apart:
- Zero Account Fees: Since July 2024, Alpian eliminated all account management fees, making premium banking completely free. Previously, fees were based on quarterly assets under management.
- Personalized Investment Services: The bank offers managed portfolios, model portfolios, and individual securities trading—going beyond robo-advisors to provide genuine wealth management.
- Hybrid Service Model: Clients access dedicated financial advisors via video conference in multiple languages, combining digital efficiency with human expertise.
- Swiss Banking Security: Full deposit protection under Swiss insurance schemes (CHF 100,000) with the regulatory oversight expected from traditional Swiss banks.
- Multi-Currency Platform: Accounts in CHF, EUR, USD, and GBP with real-time foreign exchange and a premium Visa metal debit card.
Trajectoire de croissance
Alpian doubled its assets under management in 2024, surpassing CHF 100 million by mid-year. While modest compared to traditional players, this growth validates the market opportunity for digitally-native private banking. The bank reports increasing interest from international clients, though leadership remains focused on consolidating the Swiss market before considering expansion.
CEO Gianmarco Bonaita emphasizes Alpian's commitment to "democratizing wealth management through digital innovation"—making sophisticated financial services accessible to a broader audience than traditional private banks serve.
Why Neobanks Are Moving Upmarket
The simultaneous push by Revolut, BoursoBank, and Alpian into private banking reflects several converging trends:
1. Revenue Optimization
High-net-worth clients generate significantly higher revenue per customer than mass-market users. Wealth management fees, investment commissions, and credit products for affluent clients offer superior economics compared to payment interchange fees and freemium models.
BoursoBank's 400,000 high-net-worth clients represent less than 6% of its 7 million customer base, yet these clients hold disproportionate assets. Capturing more of their wealth generates outsized returns.
2. Customer Lifecycle Management
Many neobank customers acquired in their 20s and 30s have now accumulated substantial wealth. Rather than lose these clients to traditional private banks, digital banks are building services to retain them throughout their financial journey.
BoursoBank explicitly targets "millennials digital natives" who are reaching peak earning years and need sophisticated wealth management but prefer digital-first experiences.
3. Technological Advantage
Neobanks possess superior technology infrastructure compared to traditional private banks. This enables them to offer wealth management services at dramatically lower costs—BoursoFirst at €29 monthly versus traditional private banking minimums of €1,000+ annually.
Digital platforms also provide 24/7 access, instant portfolio updates, and seamless integration of banking, investing, and planning—features challenging for legacy institutions to replicate.
4. Regulatory Maturity
As neobanks mature, they've developed regulatory expertise and compliance frameworks capable of handling complex wealth management requirements. Alpian's full FINMA license and Revolut's extensive regulatory qualifications demonstrate this evolution.
5. Market Dissatisfaction
Traditional private banking faces criticism for high fees, opaque pricing, conflicts of interest, and slow innovation. Wealthy millennials and Gen X clients particularly value transparency, digital access, and fair pricing—areas where neobanks excel.
Different Approaches, Common Goal
While all three institutions target high-net-worth clients, their strategies differ:
Revolut appears to be building traditional private banking relationships within its existing digital platform, hiring experienced bankers to provide personalized service while leveraging technological infrastructure.
BoursoBank takes a hybrid approach with BoursoFirst, offering sophisticated products and dedicated advisors at accessible prices (€29/month), emphasizing autonomy and digital self-service alongside expert support.
Alpian positions itself as a digital-native private bank from inception, building wealth management into its core offering rather than adding it to an existing retail banking platform.
Despite these differences, all three recognize the same opportunity: affluent clients want modern technology, transparent pricing, and sophisticated services. Traditional private banks often deliver only the latter; neobanks can provide all three.
Implications for Traditional Private Banks
The entrance of well-funded, technologically advanced neobanks into private banking poses serious challenges for established players:
Pricing Pressure
BoursoFirst at €29 monthly and Alpian with zero account fees make traditional private banking fee structures (often 0.5-1.5% of assets annually plus product fees) look increasingly difficult to justify.
Technology Expectations
Clients accustomed to Revolut's real-time notifications, instant currency exchange, and intuitive mobile interfaces will demand similar experiences from their private bankers. Many traditional institutions struggle to meet these expectations.
Talent Competition
Revolut's hiring of experienced private bankers with top-tier qualifications signals that neobanks can compete for wealth management talent, potentially draining expertise from traditional firms.
Segment Disruption
The "mass affluent" segment (€100,000-€1 million in investable assets) has long been underserved—too wealthy for retail banking but below traditional private banking minimums. Neobanks are specifically targeting this opportunity.
The Future of Digital Private Banking
The trend toward neobank private banking appears likely to accelerate. Several factors support continued growth:
- Wealth Transfer: Trillions in wealth are transferring to younger generations more comfortable with digital services
- Profitability Pressure: Neobanks need higher-revenue business lines to achieve sustainable profitability
- Customer Expectations: Wealthy clients increasingly expect digital-first experiences across all financial services
- Regulatory Clarity: Mature regulatory frameworks make wealth management expansion more feasible
Traditional private banks will need to respond through digital transformation, pricing adjustments, or partnerships with fintech providers. Those that fail to adapt risk losing market share to more agile competitors.
For neobanks, success in private banking requires balancing technological efficiency with the personalized service and expertise that wealthy clients demand. The institutions that master this combination—like Revolut with its banker hiring, BoursoBank with its hybrid model, or Alpian with its advisor access—will be best positioned for the next chapter of digital banking evolution.
Conclusion
The launch of private banking services by Revolut, BoursoBank, and Alpian marks a pivotal moment in fintech evolution. These institutions are proving that digital banking can serve not just the mass market but also affluent clients seeking wealth management, investment advice, and sophisticated financial products.
Whether through Revolut's private banker hiring, BoursoBank's €29 monthly BoursoFirst subscription, or Alpian's free digital private banking platform, the message is clear: neobanks are moving upmarket, and traditional private banks face genuine disruption.
For consumers, this competition promises better pricing, superior technology, and more accessible wealth management services. For the banking industry, it signals that digital transformation is no longer optional—even in the traditionally conservative world of private banking.
The institutions that successfully blend digital efficiency with personalized expertise will define the future of wealth management. Based on current developments, neobanks are positioning themselves to lead that transformation.
