Credit Suisse makes digital push as it closes down branches
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.
This content was published on
1 minute
swissinfo.ch/mga
Português
pt
Credit Suisse fecha agências e investe nos serviços digitais
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.
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.
More
More
Pandemic speeds up push to digital as bank branches close
This content was published on
Banks are ramping up their digital offerings to customers as they close down high street branches.
Swiss committee wants to end government resignations during legislative term
This content was published on
Members of the Federal Council should no longer be able to leave office before the end of their term, according to a House of Representatives committee.
Swiss government seat: Ritter and Pfister nominated to succeed Amherd
This content was published on
Markus Ritter from St Gallen and Martin Pfister from Zug were officially nominated by the Centre Party on Friday to succeed Defence Minister Viola Amherd.
Top Swiss court rejects Russian request for administrative tax assistance
This content was published on
There is currently no reason to transmit banking information to the Russian Federation, the Swiss Federal Court has ruled.
After strike by radiologists, doctors demonstrate in Bern
This content was published on
Following a strike by radiology technicians in Fribourg, doctors, vets, dentists and chiropractors expressed their frustration on Friday outside parliament in the Swiss capital.
Eurovision and bleak world situation are top themes at Basel carnival
This content was published on
The Eurovision Song Contest and the gloomy global situation are among the main themes of Basel Fasnacht (carnival) this year.
Prices of Swiss investment properties continue to rise despite stagnating rents
This content was published on
Although rents in Switzerland stagnated or fell in the final quarter of last year, prices for investment properties continued to rise. Both apartment buildings and office properties have become more expensive.
Probe into wrong Swiss pension figures clears federal office
This content was published on
Employees of the Swiss Federal Social Insurance Office (FSIO) did not breach their duty of care when calculating pension prospects, an investigation has concluded.
This content was published on
Hotels in the southern Swiss canton of Ticino welcomed significantly more guests last December than in the same month of the previous year.
Credit Suisse-owned bank brand disappears in savings drive
This content was published on
Switzerland’s second-largest bank will ditch its subsidiary, Neue Aargauer Bank (NAB), as part of plans to save CHF100 million ($110 million) in annual costs. Credit Suisse group plans to reduce its number of branches from 146 to 109 and prioritise its digital services.
This content was published on
New digital banks are popping up in Switzerland without a single branch or counter. One of them is staking its success on doing more with less.
This content was published on
Finance technology start-ups (fintech) and digital-savvy investors threaten to disrupt the conservative world of private banking.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.