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.
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