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