Credit Suisse to roll out digital banking app

Thursday 10 September 2020 12:36 CET | News

Credit Suisse has announced plans to launch a digital banking app in October 2020 to challenge fintechs like Revolut in the Swiss bank’s home market.

This will happen by offering free foreign transactions and fully digital wealth management. Credit Suisse’s new CSX banking app will offer free online banking from next month, along with other lucrative services which will be added over coming months, including taking out mortgages, making investments, and planning pensions. Digital competitors like Revolut and N26 have amassed millions of customers and billion-dollar valuations by offering cheap, user-friendly alternatives to traditional banking services. Undercutting incumbents on pricing for foreign exchange, stock trading and money transfers, they are particularly popular with younger customers.

Credit Suisse’s move makes it the first bank to roll out a comprehensive digital package in Switzerland, with a fully digital wealth management service to be added to the app in November 2020. Credit Suisse aims to cut costs in its Swiss retail business by closing roughly a quarter of its branches, while bringing in new customers by expanding upon other digital solutions in the market, according to Reuters.

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Keywords: Credit Suisse, digital banking, digital banking app, Revolut, N26, Switzerland, Swiss, banks, fintechs, challenger, digital wealth management, foreign transactions, CSX, banking app, online banking, traditional banking, incumbents
Categories: Banking & Fintech
Countries: Switzerland
This article is part of category

Banking & Fintech