With over 1m customers in Italy, FinecoBank is turning its gaze towards the UK, establishing itself as a key player among local digital banking rivals
Backed as a subsidiary of the Unicredit group, the Italian bank aims to set itself apart from others in the UK with its combination of banking and trading services.
FinecoBank’s main proposition hinges on what it calls its “one stop solution”: a multi-functional account with no fees attached that will manage a user’s financial needs in house.
Customers receive a GBP or EUR debit card as part of their multicurrency bank account with no monthly fee, as well as free withdrawals, payments and international bank transfers.
This alone could make FinecoBank a worthy rival in the UK sector, offering multicurrency holdings on a current account with no fees and all exchanges made at the interbank rate.
However, its main selling point will attract users interested in utilising its in-app trading services, which currently trades on 26 equity markets and in more than 50 currency pairs. In 2016, FinecoBank recorded over 27m executed orders.
It’s not the only digital bank coming over from Europe, after German challenger N26 announced over the weekend that it will be launching in the UK in early 2018.
FinecoBank hopes to appeal to customers’ sense of security, entering the ring not as a start-up but as an established bank in Europe, and offering biometric-based access to its banking app.
Inside the app, the challenger bank offers domestic and international banking, brokerage and investing services.
Speaking to AltFi, FinecoBank said: “Our offer is something new in the UK market, and is very competitive compared to others out there.
“Since launching in 1999, Fineco's mission has been to enhance the customer experience and to simplify banking services. Our business model allows us to offer a range of financial services designed to meet our clients' banking and investment needs, which they can access from an innovative and user-friendly platform.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.