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Dukascopy Expanding into Retail Banking

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12/12/2017 1:38:11 AM
Posted: 10 months ago
Dukascopy Bank SA is the latest venue to embrace a series of technical innovations in the banking space, looking to engender a more virtual and online approach. Consequently, the group will be adopting a new business model, focusing on retail banking developments centered on a modern messenger and social network.
Traditional banking structures have been primed for a shakeup in years, with many institutions seeing seismic shifts in this space. Clients" needs have noticeably pivoted towards the online and the virtual, which falls more in line with a growing emphasis on technology.

For Dukascopy Bank, this means the erection of a private bank for all users that features a combination of online video identification and a unique banking infrastructure. The focus on a new domain of core banking business is a big move for the group as it looks to proliferate the development of its banking services suite.

Dukascopy Bank is hardly the first venue to shift course towards the virtual space, though it is eyeing a more streamlined approach. Unfortunately for many groups in the banking industry, the transition to a more digitized framework has resulted in large numbers of layoffs as legacy systems have been displacing traditional banking roles.

For its part however, Dukascopy has taken a different course, aiming to install the first private investment bank in Switzerland for a growing retail clientele. The primary mechanism by which the group will accomplish this is remote video identification " this will open all accounts to clients globally.

Virtual banking made simple
The identification process takes roughly twenty minutes to execute, without the need to visit the bank"s premises at all. This is a big deal for many global clients, who have previously been encumbered by international travel and other sign-up procedures. The process involves three steps.

First, clients must fill in an online application form, installing mobile app Dukascopy Connect from Google Play Market or Apple App Store, and initiating a video call with Dukascopy. The entire process reflects the group"s growing embrace of virtual banking, which has grown extensively amidst rigorous testing over the past two years via Dukascopy Bank"s European subsidiary Dukascopy Payments.

Subsequently, the new business model will include several benefits for international clients. In terms of identification, Dukascopy will reserve an account for each individual in the world because the identifier of the account is known in advance " this will act as the client"s mobile phone number.