When you think of banks, where the rich and famous keep their money, private banking giants such as UBS, Merrill Lynch or JP Morgan come to mind with hundreds of billions of assets under management. It is true that these financial institutions are at the forefront when it comes to assets under management and some of them have been in business for hundreds of years. However, when it comes to exclusivity, it is not always the biggest players who offer the best service.
The banking industry is experiencing a trend similar to that of many other industries. Traditional banks are being challenged by technology as new players use Internet and mobile applications to digitise the entire banking process. As a result, the customer benefits from an easy-to-use and hassle-free process to open accounts, transfer or manage their money.
One of the fastest growing and most successful digital banks is Black Banx. The Black Banx group was established in 2014 by Internet billionaire Michael Gastauer.
The fully digital bank launched its services in December 2015, allowing customers in 180 countries to open checking or savings accounts in 28 currencies. What is unique for the banking world is that the entire process of opening accounts in Black Banx can be done online in less than 8 minutes, eliminating the time and costs that a customer in Brazil, Mexico or Colombia would have to invest in traveling to Switzerland, USA or the Caribbean to meet with your banker to open an account. Black Banx allows any type of online banking activity in real time through its blackbanx.co platform. It is therefore no surprise that in the first four years, more than 8 million customers used the Black Banx service to open accounts.
In April 2019, Black Banx Group launched TITANIUM, a private banking program tailored to its clients at the highest level. TITANIUM is a fully digital private banking product that offers one of the most exclusive services for a group of clients. To become a TITANIUM customer, which is by invitation only, the customer must have an account at BlackBanx.co. The criteria for receiving an invitation require an account balance of US$ 1 million. It’s founder Michael Gastauer, CEO of the Black Banx Group, personally created the program to guarantee the most exclusive services for its high-level clientele. With a net worth of more than US$ 10 Billion, the founder has an in-depth understanding of the type of services VVIP customers need. Black Banx also took advantage of their close relationships around the world to ensure that maximum value is given to their TITANIUM clients.
By asking Michael Gastauer what TITANIUM is offering his High Net worth clients, he responded that he sees his clients as his business partners he is helping to solve their banking problems.
Part of the elite service that Black Banx offers its TITANIUM clients is a private jet pick up service to meet the founders and board members of Black Banx.
The TITANIUM account package includes a Black Banx Visa Titanium card, in which the client can set their spending limits up to US$ 1 million per day. With this type of limits, the Black Banx TITANIUM card offers an exclusive shopping service, which helps customers to buy the most sought after pieces. Using Black Banx`s exclusive relationships with high-end luxury brands such as Hermes, Chanel, Patek Phillip, Graff etc. to acquire the most attractive pieces ranging from handbags, watches, jewellery or pieces of art is an exciting experience Black Banx offers to their Titanium clients. “In many cases the relationship with our client has the dynamics of a friendship rather than the feeling of doing business”, says Abygail DeSousa, COO of Black Banx. Some of the benefits of having a Black Banx Titanium card include services such as access to catwalk collections, invitations to fashion shows through industry contacts in the four major fashion capitals. Custom services include exclusive presentations of various brands that are transported privately to the client’s location.
Other options include visits to museums outside opening hours, made according to the clients’ agenda and include private exhibitions of plays, ballets and small group concerts or a visit to private wine cellars where customers can try French wines that will never be available for purchase. The bank service for its VVIP clients assigns a relationship manager dedicated to financial matters, in addition to a lifestyle manager, available 24 hours a day, for personal requests. Lifestyle managers can organise an unparalleled red carpet experience at the most attractive restaurants, hotels and clubs to provide white glove service in all aspects of entertainment, travel and commerce. Private chefs with Michelin stars and personal butlers are also included in the list.
The bank’s VVIP service offers a wide variety of options and is committed to delivering real value to its customers. Many of its services are personalized individually and are only disclosed to its members.
7 Signs Your Business Face Financial Trouble
Within the last few decades, many companies, from high-profile mainstays to small local businesses, have fallen by the wayside. While some of those closures, administrations, and liquidations come seemingly out of the blue, there are somewhere in actuality the warning signs for the business were there before the final nail was driven in.
Listed below are seven key signs your business is in financial trouble.
Your Cash Flow Is Imbalanced
As the word goes, running a business, “cash is king.” An easy cash flow, where enough arrives to cover your outgoings, is key to keeping your organization operating. However, this flow could be sensitive, especially in small businesses. A supplier or customer perhaps not spending punctually may impact your cash flow, as may premature expansion or overspending in times wherever in actuality the going is good.
Negative cash flow is appropriate in the temporary while a fledgling company sees its legs or in the aftermath of an important expansion. But without positive cash flow, in the future, a small business cannot pay its costs and thus cannot survive. If your fund office is postponing spending its costs or team, it may indicate imbalanced cash flow.
Creditor Pressure Is Growing
The best way to help keep your creditors happy and minimize the pressure on your own company’s shoulders is to cover them on time. If your outgoings outnumber your income, it’s tempting to delay spending invoices. But doing this is just a sure-fire treatment for sour relationships along with your creditors, who may start chasing you for payment.
This may start the slippery slope into further trouble, as they’re likely to carry on chasing you until your debts are paid off. Creditors could even resort to legal action in an endeavor to retrieve their money, and you might wind up facing bailiff action.
You’re Always Refinancing
Refinancing alone isn’t an indication of financial trouble; it is a legitimate way of freeing up cash tied up in company assets by borrowing money secured against an assets’value. It can be used to lessen rates. While refinancing once isn’t abnormal, the business must manage to afford the repayments. If it occurs usually, it could be a sign of higher financial problems, and lenders may become cautious of companies continually refinancing, which may lead to more economic troubles later.
Until you are the main trader, staff are one of the very most vital the different parts of your organization, and employee morale often correlates along with your company’s health. One of the very obvious signs of financial trouble linked to staffing is layoffs and cutbacks in employee benefits, bonuses, or even a pay freeze.
The business could also change its contracts with staff, reduce hours, introduce zero-hour contracts or make staff work more for the same money. Doing so risks souring relationships along with your personnel and could cause to another location point.
Bad Company Atmosphere
Reducing advantages while increasing objectives on personnel will likely result in a bad environment and a drop in work satisfaction. Work can become less of a place of work and more of a place for fighting fires, constantly coping with problems instead of being productive. Team may lock onto that downturn and modify the atmosphere and start causing higher figures, too, taking people back to the last position about staffing issues.
Counting on Individual Contracts or Projects to ‘Sort It Out.’
Whenever a small business is operating healthily, it will have many clients or customers on the books with consistent income. Businesses in a less healthy position might put more weight on the agreements they do have. If one improvements company or stops being fully a regular source of business, the consequences will have an even more detrimental impact.
You could notice the company is relying more on fewer clients or focusing all of its efforts on acquiring new ones to the detriment of those they already have. This could sour relationships with existing customers and be described as a sign the directors are desperate for income.
Your Customers Have Noticed
Clients are very good at spotting when things change, and if they feel they’re getting less while paying the same money, they’re unlikely to stay quiet. If your employees are unhappy, prices suddenly rise, or benefits such as loyalty programs are scale back, rumors may start circulating, customers may start asking whether you’re closing, and in the worst-case scenario, it could get found by local or national media.