Credit Suisse moves into digital banking

with launch of its new app, CSX. Explicitly targeting Revolut and N26, initially CSX will offer the usual — free transaction, free foreign exchange transactions (1) and full online banking. But later Credit Suisse plans to offer almost all traditional banking services via CSX. About a two minute read.

(1) Sure, the transactions might be free, but you’re paying in the exchange rate.

Comment: banking is notoriously sticky, with most customers of firms like Revolut or N26 using these offerings solely for a small number of services i.e., foreign exchange transactions. This move by yet another incumbent services as another warning sign for Fintech disrupters — the party is drawing to a close.