Swiss National Bank survey results: only half of the Swiss use online banking

Tuesday 27 August 2019 00:27 CET | News

Only about half of population in Switzerland uses online banking services, according to a representative survey conducted by the Swiss National Bank (SNB) among 34 banks.

The national bank surveyed customers’ demand for electronic and mobile banking offers to make payments. Swiss banks are expecting financial transactions to become increasingly digital, which presents opportunities for cutting costs while improving the quality of service, the SNB said.

However, the survey also found risks linked to increasing competition from new market participants such as big technology companies or online banks that could lead to further margin pressures.

Increasing competition will also mean less customer loyalty, with the banks believing ‘customers are less likely to maintain a permanent relationship with a single financial institution in the future, and will instead increasingly turn to different intermediaries from the banking and non-banking sectors to find the best service,’ the survey showed.

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Keywords: survey, Switzerland, Swiss National Bank, SNB, online banking services, banks, financial services
Countries: World

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