Credit Suisse to launch FinTech rival digital banking app in October

Credit Suisse

Credit Suisse will establish an electronic banking app in October challenging FinTech’s such as Revolut in the Swiss bank’s home marketplace by providing free foreign transactions and entirely digital wealth management, the bank has said.

Credit Suisse’s new CSX banking program will offer free internet banking including a free-of-charge online debit card and other capabilities to be rolled out over months allowing customers to carry out mortgages, make investments and plan their own pensions, Switzerland’s second-biggest lender stated.

Digital opponents like the UK’s Revolut and Germany’s N26 have accumulated tens of thousands of customers and billion-dollar valuations by providing cheap, user-friendly alternatives to conventional banking services. Undercutting incumbents on pricing for foreign market, stock trading and money transfers, they are especially popular with younger customers.

Credit Suisse aims to cut costs in its Swiss retail business by shutting about a quarter of its branches, while bringing in new customers — particularly in the younger client segment, where it says it’s catch-up work to do — by enlarging upon other digital options on the market and offering brick-and-mortar presence to people seeking it.

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Its CSX app will roll out a fully digital wealth management service in mid-November, it stated.

Cash withdrawals at ATM machines are not covered by the program, but clients who do so frequently can reduce prices via a Mastercard debit card which prices 3.95 Swiss francs (approximately $4.34) a month.

Branches in the future provides”digital bars”, while experts will offer personal information via video conference, Credit Suisse said. Some locations will offer co-working spaces and “event zones” designed to pull start-ups and other event organisers.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Brenna Hughes Neghaiwi. Editing by Michael Shields.

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