Credit Suisse is officially disappearing from Switzerland, as its digital platform CSX is being phased out and replaced by UBS products. This marks an opportunity for Credit Suisse customers to explore better offers available.
As of this week, Credit Suisse has been removed from the commercial register in Zurich, signifying its departure from Switzerland. UBS CEO Sergio Ermotti has expedited the legal merger between UBS and CS Swiss companies, transitioning former CS customers to UBS.
While CS branches and services are still functioning normally, the integration process with UBS will gradually begin affecting everyday banking operations for former CS customers. The next year will see most customers migrating to UBS, with CSX set to be discontinued by the end of 2025.
In the new UBS world, only UBS products and conditions will be available, with the superior CSX app being replaced by the UBS Key4 platform. Customers will need to adjust to a different digital banking experience under UBS’s offerings.
For former CSX users, this transition presents an opportunity to evaluate UBS’s digital value proposition and consider alternative banking providers if necessary. In the competitive landscape of Swiss digital banking, neobanks and other institutions often provide more attractive options, challenging established players like UBS.
UBS’s quick integration approach is driven by the need to eliminate redundant IT infrastructures and realize synergies. The focus is on profitability, ensuring that only customers who contribute to the bank’s bottom line are retained. However, this may not align with all customer needs or preferences. Therefore, it is essential for CS customers to take the initiative to renegotiate their banking relationship with UBS moving forward.
Ultimately, as UBS takes the lead in the post-CS era, customers must assess whether their new banking partner aligns with their needs and preferences. If a suitable fit is not found exploring alternative banking options in Switzerland may be a viable solution.
This can be an exciting time for former Credit Suisse customers as they can now explore better offers available in Swiss digital banking landscape which may offer more attractive options than what was previously available at Credit Suisse through its own platform or through its partnership with other banks like USB