Subscribe

Credit Suisse grabs $1 billion in assets with new mobile app

Entrance-to-Credit-Suisse-headquarters

The Switzerland-based private bank designed its latest mobile app, dubbed CSX, to address all financial services needs in a single smartphone app and has tacked on 100,000 new clients in the process.

Credit Suisse Group’s push to reach the next generation of wealth management clients may finally be paying off. 

The Switzerland-based private bank designed its latest mobile app, dubbed CSX, to address all financial services needs in a single smartphone app, and it has tacked on 100,000 new clients and $1 billion in assets since the app’s launch just a year ago.  

While it was originally billed as a banking app in October 2020, CSX has already been expanded to include a financial planning platform, investment accounts, human advice, and products to help manage mortgages and pensions. 

The private bank said late last week that it has seen the number of downloads of its online banking app triple, while account openings in Switzerland have doubled. More than half of its new users are under the age of 34, according to the bank. 

InvestmentNews wants to hear from you! Please take a minute to complete this form, so we can better understand and serve our readers.

"*" indicates required fields


“CSX is a future-oriented solution that addresses their needs and makes a relevant contribution to the development of digital banking in Switzerland,” Anke Bridge Haux, head of digital banking at Credit Suisse, said in a statement.

The pandemic has led to an explosion in new users for wealth management mobile apps. Hours spent on finance apps is up 90% year over year, while downloads of online apps jumped 20%, according to Bloomberg. Still, wealth management apps get poor scores for client satisfaction, according to a recent survey by J.D. Power.

For CSX, the next few months should bring further expansions into new financial services areas, including credit card offers, rental deposits and a tool for buying and selling properties.

“We have only just begun and will be expanding our offering on an ongoing basis,” Haux said. “This encouraging picture one year after the launch is therefore all the more pleasing.”

Related Topics: ,

Learn more about reprints and licensing for this article.

Recent Articles by Author

Into the metaverse

Financial services firms are hanging out their shingles in the burgeoning world of virtual societies, hoping to attract a new breed of digitally native customers.

Morningstar ranks best and worst robo-advisers

The latest study from the financial services firm found that top advice-oriented providers offer fairly comprehensive planning tools, ranging from online advice only to one-on-one human financial advisers who are just a phone call away. 

Schwab launches direct indexing

Schwab Personalized Indexing will bring the benefits of direct indexing, like better tax management and portfolio management capabilities, to a wider spectrum of investors and advisers.

Financial help a top concern for aspiring advisers

A new survey of some 4,300 financial advisers and students found that a lack of financial assistance was the No. 1 barrier to entry into the industry, with nearly half of the respondents citing finances as a top concern.

Goldman Sachs to acquire retirement plan robo NextCapital

The company's asset management unit already supervises a total of $350 billion in assets in defined-benefit and defined-contribution accounts and will utilize the acquisition to provide new digital tools to customers. 

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print