What the rise of alternative banking means for global private clients
- Jeanne Loganbill
- 1 day ago
- 4 min read
As the needs of wealthy individuals and families evolve, so do the financial products and services available to them. Now, a new breed of alternative banking provider is reshaping the marketplace, introducing fast, responsive cross-border solutions that feel distinctly different from those offered by traditional banks. Once considered fringe, these platforms are quickly becoming an important part of how globally mobile families manage their wealth.
Recently, we were privileged to host a panel discussion at Spear's 500 Live. Our CEO, Rishi Patel, spoke with Paul Fosse (Group Director at JTC), Matthew Duncan (Head of Private Wealth at Druces) and Stuart Wakeling (Henley & Partners) about the rise of alternative banking platforms. Here’s what we learned.
Alternative banking explained
Matthew Duncan opened the discussion with a simple definition. Alternative banking platforms, he explained, are digital-first financial providers – often fintech-driven – that deliver traditional banks either overlook or offer slowly. He pointed to the rise of electronic money institutions (EMIs), digital account providers and multicurrency platforms as examples.
Rishi Patel agreed. “They’re agile, specialist and global-first,” he said. “Where some traditional banks are stable but slow-moving, alternatives provide flexible, fast cross-border solutions – including payments, onboarding and multicurrency accounts.”
Paul Fosse of JTC Group agreed, noting that for many clients, “global doesn’t have to mean complex.” But legacy institutions often treat it that way, triggering lengthy compliance reviews just to open a new account in a different jurisdiction. Alternative platforms, he said, are built to support global wealth from day one.
Not mainstream, but normalised
Built from the ground up with global fintech infrastructure, alternative providers aren’t burdened by legacy systems or rigid compliance workflows. This allows them to offer faster onboarding, smoother cross-border capabilities, and more agile product innovation – all of which appeal to today’s wealth holders.
Matthew Duncan noted that even the traditional banks are responding. "You're seeing them close high street branches, invest in technology and shift towards digital-first solutions." Still, the real differentiation lies in how well alternative and traditional providers understand the complex nuances of global wealth.
Why wealthy clients choose alternatives
According to Rishi Patel, this shift isn’t about replacing traditional banks but complementing them. “High street banks are excellent at domestic banking. But when it comes to cross-border transactions – especially at the scale of family office real estate deals or international asset purchases – this is where alternative providers thrive.”
One key driver? Speed. While traditional banks can take three to six months to open a corporate or family office account, Interpolitan typically completes onboarding in just a few days, providing the firm receives a full compliance pack. “Families are time-poor and asset-rich,” says Patel. “They can’t afford unnecessary friction when completing global transactions.”
The new wealth landscape
The rise of alternative banking also reflects deeper shifts in the wealth community itself. Wealth is becoming more global, more mobile and increasingly intergenerational. As Stuart Wakeling noted during the discussion, “Ten years ago, around 60,000 millionaires relocated globally. Last year, that figure reached 132,000.” With high-net-worth individuals moving their families, businesses and assets across borders in greater numbers, the need for cross-jurisdictional banking solutions increases.
At the same time, younger people are driving a cultural shift. Matthew Duncan noted that rising generations may be less loyal to traditional banking models, pointing out that alternative providers who combine technology with strong personal relationships could be best equipped to meet their needs.
Is regulation a challenge or a competitive advantage?
One issue the panel raised – more than once – is whether the UK’s heavy regulatory framework discourages inbound wealth. Perhaps surprisingly, the speakers’ consensus was the opposite.
“I think we should be proud of our regulatory environment,” said Fosse. “It’s what makes the UK a stable, reliable financial hub. In fact, many regulators around the world are modelling their frameworks on the UK’s.”
For Patel, obtaining a full banking licence is not currently a priority. “Becoming a licensed bank would reduce our agility. As an electronic money institution, we can focus on transactional banking – where our clients need us most – without the compliance burden of lending products.”
Rethinking the client journey
As traditional and alternative players continue to evolve, one thing remains constant: client experience is everything. Paul Fosse emphasised the importance of focusing not only on artificial intelligence but also on relationship management, arguing that technology should enhance, rather than replace, meaningful client conversations.
For established private banks, this might mean reevaluating how they engage with mobile, multigenerational clients. For newer providers like Interpolitan, it’s about staying laser-focused on client needs – particularly in transactional, cross-border use cases that demand more intense due diligence.
The future of alternative banking
“Ultimately, this isn’t about competition,” Patel said. “It’s about building the right tools for the right jobs and serving globally mobile clients whose ambitions transcend borders.”
Ultimately, understanding the client journey will be vital for all players. Established banks that blend tech with a personal touch could thrive; agile newcomers that anticipate changing client needs – especially fast cross-border transactions – gain an edge. As wealthy families go global and new generations emerge, we believe financial services firms that blend stability with innovation will shape the future of high-net-worth banking.
To learn more about how Interpolitan Money can support your wealth management plans, get in touch today.
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