The Swiss bank is launching a new smartphone banking offering. The move emulates challenger banks like Revolut, but also combines Credit Suisse's physical branches.
The Zurich-based bank is launching a new digital offering, CSX, next month as part of a so-called direct banking push, it said in a statement on Thursday. Clients will be able to onboard online and maintain Swiss franc accounts, a debt card without foreign exchange fees, and other self-service functions via an app.
At first glance, Credit Suisse is emulating Revolut or N26, challenger banks which have won hundreds of thousands of Swiss clients thanks to cheaper fees, free debit cards, and user-friendly apps. Their key strength over incumbents like Credit Suisse is sophisticated digital platforms and lower spending, thanks to newer, cheaper technology, according to a recent study by Rothschild.
Flagship Branch
Credit Suisse signaled it wants to offer more than the challenger banks: it flagged plans to widen the CSX app. For example, mortgage lenders can obtain new financing in the app, or extend their existing mortgage tranches. The bank wants to tie in its branch network, where it began making changes two weeks ago in a savings and modernization drive.
A new flagship branch in Zurich's Europaallee, a development close to Zurich's main station, is designed to combine CDX with personal service. Bankers can take client meetings personally or via video-conferencing, and Credit Suisse plans to let third parties use the co-working spaces.
