Credit Suisse’s digital bank service CSX turns 1: now Switzerland’s best-known brand for digital banking

Credit Suisse’s digital bank service CSX turns 1: now Switzerland’s best-known brand for digital banking

(PRESS RELEASE) ZÜRICH, 26-Nov-2021 — /EuropaWire/ — Credit Suisse, a global wealth manager, investment bank and financial services firm, has announced that its digital banking offering CSX [https://csx.credit-suisse.com] is taking off just one year since its launch. Now the digital bank brand is known to every second person in Switzerland. Furthermore, levels of client activity, the take-up of products and services, and deposited assets provide further confirmation that with CSX, Credit Suisse is successfully reaching its target group of digitally savvy clients. Their feedback will remain critical to the further development of CSX, and new functionalities will soon be added, also in partnership with third-party providers.

In October 2020, Credit Suisse launched its digital bank offering CSX. This is the answer to changing client needs and a market environment in which mobile-first solutions are increasingly gaining ground CSX combines the simplicity and flexibility of neo-banks with the expertise and range of services of a globally active bank that is rooted in Switzerland. Just a year after its launch, CSX is the best-known Swiss brand for digital banking in Switzerland: According to independent market research, one in every two people in Switzerland is familiar with the name CSX.

Rapid growth, high level of usage
Since the launch of CSX in October 2020, Credit Suisse has seen the number of downloads of its online banking app triple, while account openings in Switzerland have doubled. Levels of client activity and the take-up of products and services confirm that Credit Suisse has very clearly reached its younger, digitally savvy target group with its CSX offering: Of the total client base of over 100,000 CSX clients, half are under the age of 34. On average, CSX clients now execute one transaction per day, with around half of clients using CSX as their salary account or primary bank account. The total volume of assets held with CSX now amounts to more than CHF 1 billion.

Client feedback is key
The CSX range was designed from the outset to go beyond day-to-day banking in order to cover all client needs in a single smartphone app. To ensure that CSX is ideally tailored to client needs, clients are continuously involved in the product development process. The digital offering has been expanded on an ongoing basis since October 2020 to include new services, functionalities and strategic partnerships, thus further increasing the appeal of CSX and giving it a unique positioning in the market.

Ongoing development
Alongside traditional bank products such as an account and debit card, the CSX product suite has already been expanded to include CSX Financial Plan, CSX Invest, CSX Pension, CSX Mortgage (including insurance solutions from third-party providers, completely and seamlessly integrated via an application programming interface or API), as well as CSX Credit. The next few months should see further solutions added in the areas of account/credit card offers, rental deposits, and a comprehensive platform for buying and selling properties.

Anke Bridge Haux, Head of Digital Banking at Credit Suisse, stated: “We are delighted to gain confirmation from our clients that CSX is a future-oriented solution that addresses their needs and makes a relevant contribution to the development of digital banking in Switzerland. We have only just begun and will be expanding our offering on an ongoing basis. This encouraging picture one year after the launch is therefore all the more pleasing.”

For further information about products and solutions: https://csx.credit-suisse.com

Media contacts:

Credit Suisse AG
+41 844 33 88 44
media.relations@credit-suisse.com

SOURCE: CREDIT SUISSE GROUP AG