Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Only about half of Swiss population uses online banking - survey

Only about half of Swiss population uses online banking - survey
FILE PHOTO: Switzerland's national flag and flags of the Swiss cantons fly at the headquarters of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, July 31, 2019. REUTERS/Arnd Wiegmann -
Copyright
ARND WIEGMANN(Reuters)
Euronews logo
Text size Aa Aa

ZURICH (Reuters) – Only about half of population in banking-rich Switzerland uses online banking services, a representative survey conducted by the Swiss National Bank (SNB) among 34 banks showed on Tuesday.

The SNB surveyed bank customers’ demand for electronic and mobile banking offers to make payments, the area where digitalisation in banking is more advanced than in mortgage lending, the central bank said.

“Overall, the banks have not yet reached their digitalisation targets,” the SNB said.

Swiss banks are expecting financial transactions to become increasingly digital, which presents opportunities for cutting costs while improving the quality of service, the SNB said.

However, the survey also found risks linked to increasing competition from new market participants such as big technology firms or online banks that could lead to further margin pressures.

Increasing competition will also mean less customer loyalty, with the banks believing “customers are less likely to maintain a permanent relationship with a single financial institution in the future, and will instead increasingly turn to different intermediaries from the banking and non-banking sectors to find the best service,” the survey showed.

In wealth management, the traditional playground of Swiss banks, digital services are still the exception, with half of the banks surveyed indicating the digitally managed assets represent less than 1% of total assets under management.

(Reporting by Angelika Gruber, writing by Silke Koltrowitz; editing by Gopakumar Warrier)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.