Credit Suisse to launch app-only banking service

Credit Suisse is to launch an app-only banking service to take on digital challengers encroaching on its home turf. CSX will offer a range of online banking tools, free foreign exchange transactions, mortgage loans and a fully digital wealth management service from October.

The app comes with a virtual debit card for e-commerce transactions. Customers who want a physical card will have to fork out a monthly SFr 3.95 fee.

Revealing plans to close a quarter of its branches late last month, Credit Suisse said that over the past two years the use of online banking had grown by approximately 40%, while the use of mobile banking more than doubled.

The arrival of the new online service will run parallel to a revamp of the bank's remaining physical outlets to cater for clients with more complex advisory needs. The 'future-oriented' branch concept will include 'digital bars' offering one-to-one sessions with specialists via video conferencing and 'event zones' to attract startups.