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CS launches its digital bank CSX. Image: keystone
Credit Suisse is launching an attack on Neon and Revolut and is launching a cheap smartphone bank
Credit Suisse is the first major Swiss bank to launch a digital offering that can compete with smartphone banks such as Neon, Revolut or TransferWise. Other banks will have to do the same.
Credit Suisse is declaring war on so-called neo-banks. It will be released in October under the name CSX a new digital offering with which you want to attract young customers in particular. At the same time, a new branch concept complements the digital world with personalized service.
With the new concept, CS, like many other Swiss banks, is responding to the change in consumer behavior, who increasingly process their transactions digitally and no longer at traditional bank counters. At the “Digital Bar”, which will be used at all locations in the future, customers will be “introduced to the digital world of banking,” Helfenstein continued.
CSX: challenge to Revolut and Co.
One more step in digitization and as a reaction to the changed environment, that is, the appearance of smartphones or neobanks, the launch of the new CSX digital banking service can also be seen. “With CSX, all banking transactions can be done through a smartphone,” said Anke Bridge Haux, director of digital banking. In the first step, a Swiss franc account and an online debit Mastercard are offered that includes free international transactions, at the usual Credit Suisse exchange rates.
Credit Suisse’s digital attack on new competitors like Revolut, TransferWise, Neon or N26 could generate a lot of interest among consumers. According to an initial assessment of online comparison service Moneyland, CS is the first major bank to have a basic digital offering (Swiss private account plus debit card) that can also compete with neo banks.
For cashless users, the new Credit Suisse offer is one of the cheapest offers for Swiss adults (as shown in the table below). For cash users, Credit Suisse’s new offering is slightly less cheap. The reason for this is the cost of cash withdrawals.
Cost comparison for the basic offer (private account plus debit card)
Note: Foreign providers such as Revolut and TransferWise have not been included in the comparison table, according to Moneyland, as they do not offer a Swiss bank account. table: Moneyland
Credit Suisse CSX’s basic offering with a private account and Mastercard debit card with no annual fees is significantly cheaper for adult cashless users than offers from traditional competitors, the comparison service writes. It is also significantly cheaper than the traditional private CS account. Only the Swiss smartphone bank Neon is currently a bit cheaper. Neon offers similarly favorable exchange rates like Revolut and TransferWise and also has an account in Switzerland.
“Cards from foreign neobanks Revolut and TransferWise are still cheaper for international use than Credit Suisse’s new digital offering. The reason is the more favorable exchange rates, ”Moneyland writes. However, unlike foreign neobanks, CS offers a full Swiss private account.
“With the launch of a basic offering with no annual fees by Credit Suisse, the pressure on other traditional Swiss banks increases,” said Benjamin Manz, Managing Director of Moneyland. “We expect a number of new digital banking offerings in Switzerland in the coming years. This should finally move the Swiss banking market quite slowly. ‘
Without Duzis bank
Despite the digital offensive: “Credit Suisse customers will continue to be served in branches with you and not with you, as recently reported in the media,” André Helfenstein, CEO of Swiss Universal Bank, said at a media event Thursday.
Only in the new Europaallee office in Zurich, where many young people move and where the new concept is being tested, would the employee introduce himself by his first name. If the customer later introduces himself by last name, the employee changes to the more formal “you,” continues Helfenstein, who, like other CS employees who were present, did not wear a tie.
More tips and events at the branches
In the future, more consulting services and events will be offered in the branches, for example, Woman Business Breakfast or startup presentations.
The bank follows a modular approach. The offer varies according to the area of influence, said Serge Fehr, director of private banking in Switzerland.
Additional services will be added gradually over the next few months, for example a fully digital asset management solution from mid-November. However, CS still offers its customers the ability to choose how they want to do their day-to-day banking business: digitally, over the phone, or in person at the branch.
With CSX and the new branch concept, Credit Suisse obviously wants to differentiate itself from smartphone banks like Revolut or N26. In contrast to these, Credit Suisse offers a broader range of services and also offers the opportunity to meet an advisor in person, Helfenstein said.
(was / sda / awp)
