Vista Financial

iPhone / Finance

The global unbanked population is large with over 1.7 billion adults whom lack a banking account. Developing countries have a higher percentage of unbanked people than do economically leading countries. The new accounts being opened are generally tied to receipt of government payments or remittances domestically or from abroad; and these international remittances carry high fees. And therefore there is a high demand for pre- and post- paid payment cards, credit and debit cards, which continues to be limited to consumers in developing countries such as in Kenya, Tanzania, Uganda, Haiti and the Dominican Republic. Furthermore, these countries lack Private Banking and Wealth Management services providers.

Vista not only wants to reach the un- and under-banked in developing countries, but it also wants to be the first provider of Private Banking and Wealth Management services to the growing middle class in these countries. Additionally, Vista will be able to provide a safe haven to Private Bankers and Wealth Managers who seek to exit from overly-regulated and overly-bureaucratic jurisdictions.

While traditional banks continue to lose their customers’ trust through questionable banking tactics and high-pressured sales methods, Vista’s approach is built upon transparency and honesty. The populations of Africa and the Caribbean are generally skeptical of banks, relying on staying in cash hidden under mattresses and holes dug into the ground but the high usage rate of mobile phones is driving a higher adoption growth of digital payments. The traditional banking model has experienced squeezing profit margins as banks continue to compete for commodity retail accounts such as accounts and loans.

Vista will be an Internet-only bank for its Private Banking services but use a hybrid of analog and digital business model for its Wealth Management business.