Credit Suisse will compete with rival challenger banks by launching an apponly banking service, which will offer a variety of online banking tools, free foreign exchange transactions, mortgage loans and a fully digital wealth management service, according to a Finextra report.
The app launch comes with a virtual debit card for e-commerce transactions, but if customers want a physical card there will be a monthly fee charged. Credit Suisse said last month that it plans to close 37 branches in its home country as part of an effort to streamline its business, adding that some job cuts are inevitable. The Swiss bank said it expects to implement the changes by the end of this year, reducing the number of branches in Switzerland to 109 from 146.
The bank said in the last two years, there has been a 40 per cent increase in the use of online banking at Credit Suisse, while use of its mobile banking option has more than doubled. It added that “the COVID-19 crisis has further accelerated these trends” and the number of visits to branches has been falling for years. The actual launch date of the online app service will run parallel to a planned revamp of the bank’s remaining physical outlets, according to the report. These ‘future-oriented’ branch concept will cater to clients with more complex advisory needs and include digital bar’ offering one-to-one sessions with specialists via video conferencing and event zones to attract startups.