Banking and wealth management is arguably the sector that has seen the biggest tech-enabled transformation, with centuries of branch-based banking being overturned by challenger banks and apps. BoBo, a luxury platform for high-net-worth and ultra-high-net-worth individuals, is at the forefront of this transformation.
With an eye to the generational shift in both attitudes and wealth, Hugo Gomez created the platform to combine innovation and personalisation to set new standards for clients. He joined TFN to tell us more about BoBo and how he sees the future of fintech.
A new era in wealth management
Gomez started his career in the traditional banking sector with HSBC, before moving to Bancolombia. Working his way through positions in relationship and product management gave Gomez the grounding he needed to found BoBo. “It gave me the opportunity to understand how a corporate works,” he said. “More than that, it gave me the opportunity to learn how you can serve clients.”
However, the experience came with frustration, as he increasingly found he was unable to make changes, “you can have a lot of different ideas,” he explained, “but at the end, when you have to move a big corporate for things that you need to change, it’s impossible.”
It led to him founding BoBo in 2018, with a vision to serve a new type of client in a different way. Starting without a name, the suggestion of BoBo came from the combination of the French words ‘bourgeois’ and ‘bohème’. “The two sides of the business that we are approaching,” Gomez explained, “from one side, the upper middle class, and then bohème, which is inspirational, creative.”
And BoBo is focused on a new kind of wealth. With an estimated $84 trillion expected to transfer between generations over the next twenty years, Gomez predicts a transformation in financial markets and fintech.
Adapting to the changing wealth landscape
“I fully expect the generational transfer of wealth to completely reshape global markets over the coming decades,” Gomez said. It will mean that wealth is controlled by a group of people for whom fintech is the norm, rather than an innovation.
He believes BoBo is poised to respond to their new and changing requirements. “New generations are demanding adaptability and speed, and solutions that can offer that will thrive. BoBo’s tailored approach is our response to this demand,” he said.
He also points out fintech must deal with ever-changing regulatory frameworks. “We are constantly monitoring the global situation,” he said, noting that recent years have seen multiple changes created by factors like Brexit and the Russian invasion of Ukraine. Instead of challenging customers to comply with regulations, BoBo sets out to manage compliance on its clients’ behalf. “What we want to offer is the security and the seamless experience to enjoy the money that they have.”
Gomez also recognises that there is a lot of competition for the business of high-net-worth individuals, but this is something he welcomes. “Competition is fierce, but it’s a sign that we’re in the right place. Strong competitors keep us on our toes and drive innovation,” he told us. However, he said BoBo’s strengths leave it well-placed to succeed. “We know that serving high-end markets involves high expectations, and we need to be at our best to meet them,” he continued. “We are uniquely positioned at the forefront of this transformation due to our ability to offer personalised, lifestyle-focused financial services that align with the values of Millennials and Gen Z.”
Hyper-personalised financial services for modern clients
For Gomez, the ability to adapt and personalise services will be the key feature of successful fintech. BoBo already offers a high degree of personalisation allowing its clients to adapt products to meet their unique needs. Gomez mentioned examples like creating bespoke limits on payment cards for staff, to offering solutions to help teach their children money management.
“The future of fintech is about creating seamless, hyper-personalised experiences that go beyond transactions to truly elevate the client’s lifestyle,” he said.
To accomplish that, he highlights the importance of aligning with client values. One trend he has noticed is the increasing importance placed on ethical issues. “We foresee a growing emphasis on sustainable investments driven by environmental, social, and governance metrics,” he said. “We are committed to aligning our offerings with the shifting priorities of our clients.”
Gomez stressed the importance of listening to clients to understand those values, and their needs. “This year reinforced the value of humility,” he said. “Listening to others — whether team members, partners, or clients — brings fresh insights and growth opportunities.”
The future of fintech: Agility and innovation
It is perhaps inevitable that the high-net-worth individual category attracts healthy competition. However, Gomez is confident that BoBo’s offer is one that will succeed both now and in the future.
While its personalisation makes it a compelling offer, BoBo’s deep understanding of client needs and priorities places it in a strong position to adapt as they change with the generations. Gomez concludes, “in an environment where change is constant, the key to success is remaining agile and continuously innovating, providing clients with personalised solutions.”
This article is part of a partnership with Mindset Consulting. For partnering opportunities, contact akansha@techfundingnews.com or sales@techfundingnews.com.
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