ZURICH: Credit Suisse will launch a digital banking app in October challenging fintechs like Revolut in the Swiss bank's home market by offering free foreign transactions and fully digital wealth management, the bank said on Thursday.
Digital competitors like Britain's Revolut and Germany's N26 have amassed millions of customers and billion-dollar valuations by offering cheap, user-friendly alternatives to traditional banking services. Undercutting incumbents on pricing for foreign exchange, stock trading and money transfers, they are particularly popular with younger customers.
"CSX falls somewhere in the upper mid-level of what's available," said Ingo Rauser, head of business consultancy Capco, adding basic capabilities rivalled those of online-only"neobanks"."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."
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