Credit Suisse Launches Switzerland’s First Major Digital Banking Rival

“But, in contrast to the neobanks, Credit Suisse can draw from its full range with digital versions of its investment and pension products in a next step.”

Credit Suisse aims to cut costs in its Swiss retail business by closing roughly a quarter of its branches, while bringing in new customers — particularly in the younger client segment, where it says it has catch-up work to do — by expanding upon other digital solutions in the market.

That will include “digital bars” where customers can receive advice and connect to specialists via video conference, as well as co-working and event spaces to attract start-ups and entrepreneurs.

Cash withdrawals at ATM machines are not covered by the free version of the app, but clients who do so regularly can reduce costs via a premium version costing 3.95 Swiss francs ($4.34) a month. That undercuts rival UBS’s banking package for general Swiss retail customers, priced from 10 francs a month.

($1 = 0.9105 Swiss francs)