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Incumbents queue up to follow fintechs onto ClearBank’s platform

The banking-as-a-service provider enjoys a boost as older banks accelerate digital transformation. It also harbours ambitions to become a cross-border clearing bank.


Credit Suisse is the latest traditional bank to launch a new digital brand. At the end of October, it will offer CSX, a digital service for new clients that lets them conduct all their banking business by smartphone.

CSX is intended for all private clients in Switzerland who want to complete their banking business swiftly and easily
Anke Bridge Haux, Credit Suisse

It includes a private account in Swiss francs, a debit Mastercard for online use that waives foreign transaction fees and an app with various self-service functions.

From mid November, a fully digital investment solution will be available. Mortgage clients will be able to obtain new financing directly in the app, together with extensions of existing mortgage tranches.

Pension planning will also be provided.

Anke Bridge Haux, head of digital banking Credit Suisse (Switzerland), explains: "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.”

Across the banking industry, pandemic lockdowns have brought a new urgency to digital transformation as customers are forced to bank from home, cheque volumes collapse and no one wants to touch cash.

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