Three senior City bankers are masterminding the launch of a new digital bank focused on shaking up the UK savings market.
The trio is led by Huy Nguyen Trieu, a fintech entrepreneur who led a capital markets team at US bank Citi in London until quitting last summer. He is working on the project with his former colleague Lionel Durix, who remains in a senior Citi role, and Paul Hanks, the former chief technology officer of UK digital bank Atom.
They plan to launch a mobile savings app that uses artificial intelligence to give savers tailored advice and offers “risk-free” products such as Isas and high interest rate savings accounts to help them reach their financial goals.
Mr Nguyen Trieu told The Daily Telegraph: “I left Citi to help build the next Googles in finance. I am totally convinced new financial companies and business models will emerge that we can’t foresee today.”
It might be very successful and all that but it’s just not going to be the Google of anything, let alone finance.
What’s the network effect here? There isn’t one? So, it’s not going to be a Google then, is it?