Joining the trend of former bankers to know fintech entrepreneurs, is Paul Richards - former executive at Bank of America Corp., where he oversaw EMEA corporate banking and debt capital markets. His new venture is focused on wealth management, facilitating the disbursement of funds for hight net-worth individuals into bank accounts that give the best returns. This is of course an interesting space as there is an global shift of wealth from baby boomers to the next generation.
“The cash deposit industry is experiencing dramatic changes and these present great opportunities for frustrated savers and cash managers,” Richards said in the statement. “With low interest rates and the tedious process of moving cash between accounts, increasing their return on those assets has been complex and time consuming.”