LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Swiss Forex brokerage house Dukascopy Bank SA just announced that it has entered the new domain of core banking business – retail banking. The cornerstone of its new business model is a combination of online video identification and banking infrastructure built around a modern messenger and social network.
Dukascopy has achieved the technological point, at which it is beneficial to provide services to regular office employees earning hundreds or thousands of Euro/Dollars/Francs per month. The company firmly believes that this shall allow it to become the first private/investment bank in Switzerland for the international retail customers.
Dukascopy has become the first Swiss bank to open all accounts available for the clients worldwide by means of remote video identification. The whole procedure takes around 20 minutes. There is no need any more to visit the bank’s premises. The process includes three simple steps: filling in the online application form, installing mobile app Dukascopy Connect from Google Play Market or Apple App Store, and initiating a video call with Dukascopy. It should be noted that this technology has been tested during the last two years in Dukascopy Bank’s European subsidiary Dukascopy Payments.
Dukascopy Connect is a free in-house developed mobile application that combines the functions of messenger and internet bank. On the messaging side, it enables a wide variety of tools, such as audio and video calls, sending text, audio or video messages through individual, group and public chats, access to bank’s 24/7 client support. All communication is automatically encypted, but the user can add an additional encryption layer. On the financial side, the application provides access to the full functionality of the bank account and allows instant money transfers to any of the phonebook contacts. All clients’ financial data are protected with two-factor authentication.
What makes the account in Dukascopy Bank SA different is transparent and simple fee structure.
Account opening and money transfers between accounts is free of charge, and there is no minimum deposit requirement. The bank only earns flat standard rates of 1% on currency exchange and withdrawal of funds by multiple methods. These conditions equally apply to Swiss and foreign residents. The rates are very beneficial for small retail clients.
Dukascopy Bank SA business model has several unique and attractive features:
- Dukascopy reserves an account for each individual in the world because the identifier of the account is known in advance – this is client’s mobile phone number.
- The payment can be sent to any person globally using only mobile phone number as a payment instruction. The bank will inform the payee immediately even if the person does not yet have an account with Dukascopy. It will take about one hour to open an account and start using money.
- Clients can open accounts, convert, receive and send money in 23 main global currencies.
- The bank offers NFC-enabled and Apple Pay compatible Dukascopy Visa payment cards in four currencies that can be linked to IBAN accounts to enable free online and offline purchases. Virtual cards are issued immediately. It means that a client can start spending right after account opening.
- Based on the long term financial markets expertise of Dukascopy Group, the bank provides a truly exclusive instrument that bears the features of both investment and payment vehicle. These are accounts in commodities, such as Gold, Oil, Natural Gas, Stock Indexes. Customers can not only keep their money in these instruments but also send them to other people free of charge.
- Clients can link their other bank’s payment card to Dukascopy account, and use it for instant top-ups and withdrawals.
Dukascopy Bank has ongoing projects to further develop its service in multiple directions. Most important developments are pursued in the following areas:
- Biometric authentication,
- More commodity balance currencies, including exposure to the main cryptocurrencies,
- Robo-advising wealth management service,
- Instant money transfers to other banks within Switzerland and EU.