A subscription-only digital bank promising to use AI to help customers maximise their money, has launched in Belgium.
Called Aion, the new venture is the latest iteration of Banca Monte Paschi Belgio, which private equity giant Warburg Pincus bought from Italy's Banca Monte dei Paschi last year.
Aion runs a simple subscription model, ditching the various fees charged by other banks in favour a EUR19 monthly payment for "regular membership".
Wojciech Sobieraj, CEO, Aion, says: “Aion is on a mission to change the way banking is done. Instead of trying to upsell and maximise profits per customer, Aion charges a flat subscription fee so that we do all the hard work for you, our members.”
In addition to the usual banking services, Aion has developed an AI-based tool, called MoneyMax, designed to help members proactively take care of their day-to-day spending by finding the best deals for household expenses and the highest rates on their savings.
The bank is also offering an Exchange-Traded Fund asset management product and a chat-based personal concierge service to all its regular members.
Daniel Zilberman, head, Europe, Warburg Pincus, says: "We have committed significant financial resources to Aion, well in excess of what has been raised previously by any challenger bank at launch.
"Ultimately, the success of any financial services technology company is measured by the quality of its product, technology and management — and in this regard, we believe we are backing the very best."