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Credit Suisse to Challenge Revolut and N26 with Its Digital Banking App

Swiss investment banking company Credit Suisse Group AG (SWX: CSGN) announced it will launch a digital banking app in October in order to compete with fintech companies like Revolut in the Swiss lender’s home market by providing free foreign transactions and fully digital wealth management.

The new banking app dubbed CSX is going to offer free online banking together with a free-of-charge online debit card and other possibilities to be rolled out during months making it possible for its clients to take out mortgages, make investments and plan their retirement, Switzerland’s second-biggest lender commented.

Similar digital players like Britain’s Revolut and Germany’s N26 have assembled millions of clients and billion-dollar valuations by offering available, different user-friendly choices to conservative banking services. Undermining officeholders on pricing for foreign exchange, stock trading and money transfers, they are especially famous with the younger clientele.

Credit Suisse wants to slash costs regarding its Swiss retail business by closing approximately one-quarter of its branches, while bringing in new users, especially in the younger client segment, where it says it has catch-up work to do by widening upon other digital solutions in the market and offering brick-and-mortar presence to those seeking it.

Its CSX app is planned to come out as a fully digital wealth management service in mid-November, the bank said.

Cash withdrawals at ATM machines are, however, not covered by the application, but users who do so regularly can reduce costs via a Mastercard debit card that costs 3.95 Swiss francs ($4.34) a month.

Branches in the future will offer “digital bars”, while specialists will provide personal advice through video conference, Credit Suisse said. Some locations will offer co-working spaces as well as “event zones” designed to attract start-ups and other event organizers.

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Credit Suisse to Challenge Revolut and N26 with Its Digital Banking App

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