Credit Suisse Tries to Challenge Neobanks

Credit Suisse Tries to Challenge Neobanks

by September 11, 2020

Credit Suisse has entered the challenger banking race with its plans to launch CSX and CSX Young, a digital banking offering at the end of October 2020.

CSX claims to combine the flexibility and cost effectiveness of a digital bank with a range of services and expertise offered by Credit Suisse as an established full-service bank with Swiss roots.

New CSX banking service for digitally savvy clients

The new banking offering includes a private account in CHF, a Debit Mastercard for online use that waives foreign transaction fees, and an app with various self-service functions. Even the onboarding process can supposedly be completed swiftly and easily right from the app.

Startup Competition venture

For Credit Suisse clients who want to complete all of their banking business digitally, the CSX and CSX Young services are available free of charge. Clients who regularly withdraw cash from Credit Suisse ATMs can select the “Premium Black Debit Mastercard” option for CHF 3.95 per month to keep costs low.

The CSX app will gradually be expanded in the next few months to include new features, including those relating to investments, pensions and mortgages.

There will also be a digital financial planner to help clients gain an overview of their financial situation and identify any gaps in their pension, among other functions.

From mid-November, a fully digital investment solution will be part of the services available on the CSX app. Mortgage clients will be able to obtain new financing directly in the app, together with features such as extensions of existing mortgage tranches.

Anke Bridge Haux

Anke Bridge Haux

Anke Bridge Haux, Head of Digital Banking Credit Suisse (Switzerland) explained,

“CSX combines Credit Suisse offering and quality in an app. CSX is intended for all private clients in Switzerland who want to complete their banking business swiftly and easily and who value digital, professional financial advice. Of course, we are still available to serve our clients in person. CSX clients can decide for themselves how they want to interact with us, depending on their individual needs.”

Reimagined branch concept – Digital Bar

Credit Suisse has created a new branch concept called the “Digital Bar,” which is to be rolled out at all locations in the future. Branch employees offer clients an introduction to the digital world of banking and provide an individual, interactive form of personal advice.

For more complex topics, specialists can take part in personal client consultations directly via video-conferencing. The new branch concept will also feature co-working spaces, multimedia group rooms and an event zone at certain locations.

Credit Suisse will not only use these spaces itself but will also allow third parties to book them for meetings and will, for example, make them available for start-up events. The new modular concept in the branches can be tailored to local requirements, allowing the bank to flexibly meet client needs in each location.

With the launch of this new digital offering and new branch concept, Credit Suisse has enhanced its range of services and attempt to meet its clients’ need for straightforward banking solutions combined with reliable, personal advice.