ZURICH (SWITZERLAND) – Credit Suisse will unveil a digital banking app next month in its home market, offering free foreign transactions and digital wealth management, the bank said on Thursday. It is expected to be a challenge to fintechs like Revolut.
The CSX banking app will offer free online transactions from October, hoping to woo new customers to more lucrative services, which will be added subsequently, including taking out mortgages, making investments and planning pensions.
“We want to grow with our clients,” Swiss head Andre Helfenstein said, adding that, “We thought we needed to do more for young people.”
By offering cheap, user-friendly alternatives to traditional banking services, UK’s Revolut and Germany’s N26 have earned the trust of millions of customers and billion-dollar valuations. They are hugely popular with younger customers.
Credit Suisse is the first major bank in Switzerland to offer a digital package which includes a digital wealth management service, which will be added to the application in November.
“CSX falls somewhere in the upper mid-level of what’s available,” said Ingo Rauser, head of business consultancy Capco.