The well-known Swiss bank Credit Suisse is launching a new digital banking service. This new offering aims to compete with challenger banks like Revolut.
The launch is set for the next month. This new service called CSX is going to offer a wide range of online banking tools, free foreign exchange transactions, mortgage loans and a digital wealth management service.
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The digital app also comes with a virtual debit card for e-commerce transactions. To get a physical card, the customers will have to pay a monthly 3.95 CHF (£3.35) fee.
However, the point of this service is not just to emulate digital banks like N26 or Revolut. Credit Suisse announced it wants to offer more than the challenger banks: it flagged plans to widen the CSX app.
Apart from mortgage financing options, the bank has also decided to modernize its branch network while reducing the total number.
The brand new flagship branch in Zurich’s Europaallee located in the downtown of the city is designed to combine CDX digital experience with personal service. Bankers can take client meetings personally or via video-conferencing, and Credit Suisse also plans to let third-parties use the co-working spaces.
Anke Bridge Haux, head of digital banking at Credit Suisse, said: “CSX combines Credit Suisse offering and quality in an app.”
“CSX is intended for all private clients in Switzerland who want to complete their banking business swiftly and easily and who value digital, professional financial advice.”
Credit Suisse took seriously the information that since 2018 the use of online banking had grown by approximately 40%, while the use of mobile banking more than doubled among its clients.