by Switzerland’s second largest bank is replacing bricks and mortar with digital. Credit Suisse Credit Suisse is taking on so-called challenger banks with a new digital service for customers, including a debit card with no foreign transaction fees. The bank is closing down branches across Switzerland and is converting others into a “digital bar” concept. Switzerland’s second largest bank unveiled its new CSX banking app on Thursday with specific features aimed towards younger clients. It is part of a wider drive, announced in the summer, to save costs and address a trend towards digital banking. Part of Credit Suisse’s strategy to save CHF100 million (9 million) involves closing down 35 of its 146 bank branches in the country. This follows a trend of branch
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swiss Info, Business, Featured, newsletter
This could be interesting, too:
RIA Team writes The Importance of Emergency Funds in Retirement Planning
Nachrichten Ticker - www.finanzen.ch writes Gesetzesvorschlag in Arizona: Wird Bitcoin bald zur Staatsreserve?
Nachrichten Ticker - www.finanzen.ch writes So bewegen sich Bitcoin & Co. heute
Nachrichten Ticker - www.finanzen.ch writes Aktueller Marktbericht zu Bitcoin & Co.
Switzerland’s second largest bank is replacing bricks and mortar with digital. Credit Suisse
Credit Suisse is taking on so-called challenger banks with a new digital service for customers, including a debit card with no foreign transaction fees. The bank is closing down branches across Switzerland and is converting others into a “digital bar” concept.
Switzerland’s second largest bank unveiled its new CSX banking app on Thursday with specific features aimed towards younger clients. It is part of a wider drive, announced in the summer, to save costs and address a trend towards digital banking.
Part of Credit Suisse’s strategy to save CHF100 million ($109 million) involves closing down 35 of its 146 bank branches in the country. This follows a trend of branch closures from all banks, resulting in a fall from 5,546 branches in Switzerland in 1990 to 2,552 at the end of last year.
At the same time, digital banking has become more popular with several newcomers offering cheaper services than traditional banks. Credit Suisse says its CSX and CSX Young apps will bring down banking costs and will eventually include investment, pension and mortgage services.
It faces competition from foreign challengers like Revolut and N26 and home-grown digital banks such as Neon.
Credit Suisse also unveiled a new look for its remaining branches, which will soon be called Digital Bars. These will combine advice on digital banking with consultations via video-conferencing and co-working spaces at each location.
You Might Also Like
Julius Baer to offer private equity to ultra-wealthy clients
Julius Baer has poached a senior executive from rival Swiss wealth manager UBS to set up a new division offering private equity and debt investments to its ultra-wealthy clients. The move illustrates how a prolonged period of low interest rates has forced the likes of UBS and Credit Suisse to prioritise offering illiquid private investments to their super-rich clients, who agree to forgo access to their capital in the hope of achieving higher returns.
Swiss International Air Lines’ turnover halved due to coronavirus
The economic repercussions of the coronavirus have caused turnover at SWISS to fall by 55% in the first half of 2020. With a turnover of CHF1.17 billion ($1.28 billion) between January and the end of June, the carrier suffered an operating loss of CHF266.4 million in the first half of the year, following an operating profit of CHF245.3 million a year earlier.
Swiss luxury watch retailer Bucherer to shed jobs
The leading Swiss luxury watch and jewellery company Bucherer has announced it plans to slash 370 of its 2,400 jobs worldwide due to the coronavirus crisis hitting tourism.
How I built my own Swiss watch – in a day
Imagine assembling your own Swiss mechanical watch and taking it home with you at the end of the day. swissinfo.ch tried out the popular new concept run by Jura start-up Initium.
Swiss Private Banks Brace for Coronavirus Impact
The Swiss private banking sector saw a resurgence in fortunes last year but faces an uncertain future as the Covid-19 pandemic continues to play havoc with financial markets. Favourable market conditions in 2019 allowed the 84 banks surveyed by KPMG to grow client assets by 14%, according to a recently published report by the audit firm.
Chinese-owned Swissport agrees emergency takeover
A consortium of investors has agreed a €800 million (CHF860 million) bailout of Chinese-owned airport services company Swissport. Revenues at the company have nosedived since the onset of the coronavirus pandemic.
Swiss regulator escalates probe into Credit Suisse
The Swiss financial supervisor FINMA says it has opened enforcement proceedings against Credit Suisse into the 2019 spying affair that toppled the bank’s leadership and tarnished its reputation.
No wave of coronavirus bankruptcies so far, study finds
Government credits and employment support measures have helped stave off a wave of bankruptcies, but they could rise over the longer term, says a survey.
Tags: Business,Featured,newsletter