There are many existing banks that cater to rich people.

Name one bank that the average person on the street recognizes as an exclusive bank that only rich people can afford to use, like they do with Ferarri or Rolls Royce.

I worked with a start-up that focused on providing software for private family offices. These are for UHNW people who have more than 100 million USD. They do not want to brag that they go to the Bentley of banks. They want to keep it as private as possible.

Typically UHNW has a private family office, something between a concierge and philanthropy and a private investment organization, which maintain relationships with private banking services provided by Credit Suisse, UBS, etc. It can cost 1-2 million USD a year to run a private family office.

You never hear about family offices and in some areas you may only see a discreet sign at a posh building saying "private banking" and all of these folks want to keep it that way. The branding play here is being tight-lipped and discrete.

I'm well aware.

The Bentley of banks is not for UHNW, just like mass luxury products are neither.

The Bentley of banks is for people like this:

https://twitter.com/FloydMayweather/status/11469115382272368...

So you're thinking somewhere between the Magnises card by Billy McFarland (Fyre Festival dude), Soho House, and upper-tier retail banking...that's all 100% instagramable?

I think you're on to something. I wouldn't be surprised if Soho House or other private clubs work with retail banks towards something like this.

One time, long ago, I had money once, and I was a member of HSBC Premier. It allowed to me to cut lines at the bank, have a small lounge area, and get free coffee. But that's about it. I don't think it would cost them too much to sign a deal with Soho House or WeWork or something like that, and offer tickets to see Beyonce at some private concert or something like that.

There could be market for something like that.

That’s basically what Amex Platinum offers. Last I heard they had created an entire team to focus on wooing the millennial crowd.

What kinds of software did you provide to these private family offices?

J.P. Morgan Private Bank, Credit Suisse, Goldman Sachs Private Bank. There are plenty of others. All of these have well-known brands and aren't accessible to the average person.

J.P. Morgan's private bank even issues the "Reserve Card", which is identical to the Chase Sapphire Reserve, except that it is made out of palladium to show off to anyone who cares and it has a higher annual fee.

Coutts is one name an average person on the street in the UK would recognise as exclusive bank.

The fact that ordinary people don't recognize the name is the point.

You flaunt a R-R, you don't flaunt your bank.

I believe the term of art is "you pimp a Rolls-Royce" :-)

Ferrari and Rolls Royce are marketed for conspicuous consumption. The service is called private banking for a reason.

I think Amex sorta fill this role, although not with the same level of premium reputation

Coutts!

Coutts.

OP's point is about branding.

I think you're right, and that this applies to many areas (not just banks).

'#influencer'ism seems, most unfortunately, not only here to stay but on the rise and increasingly recognised.

https://www.newstatesman.com/science-tech/social-media/2019/...

this shouldn't be downvoted, a branded high end banking that has a cool factor doesn't readily come to mind. If anything a black card from Amex proves a market