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September 11, 2020Blog Posts

Credit Suisse launches Switzerland’s first major digital banking rival

Reuters

Credit Suisse will launch a digital banking app in October challenging fintechs like Revolut in the Swiss bank’s home market by offering free foreign transactions and fully digital wealth management, the bank said on Thursday.

Credit Suisse’s new CSX banking app will offer free online banking from next month, a move it hopes will attract new customers to more lucrative services it will add over coming months, including taking out mortgages, making investments and planning pensions, Switzerland’s second-biggest bank said.

“We want to grow with our clients,” Swiss head Andre Helfenstein told journalists. “We thought we needed to do more for young people.”

Digital competitors like Britain’s Revolut and Germany’s 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 logo and symbol, meaning, history, PNG

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