Credit Suisse is bidding farewell to Switzerland as digital banking platforms like CSX are being replaced by UBS products. This presents an opportunity for customers to explore better offers available.
As of this week, Credit Suisse has been removed from the commercial register in Zurich, marking its official departure from Switzerland. UBS CEO Sergio Ermotti has expedited the legal merger between UBS and CS Swiss companies, transitioning former CS customers to UBS.
CS branches and services are still functioning normally, but the integration process with UBS will gradually begin affecting everyday banking operations for former CS customers. By the end of 2025, most customers will have migrated to UBS, with CSX set to be discontinued.
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. CS 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. CS customers, regardless of size or digital usage, should take the initiative to renegotiate their banking relationship with UBS moving forward.
In conclusion, as Credit Suisse disappears from Switzerland’s banking scene and is replaced by UBS products, it’s important for customers to evaluate whether their new banking partner aligns with their needs and preferences. If they find that it doesn’t meet their expectations or if they prefer more attractive options in Swiss digital banking landscape neobanks or other institutions are viable solutions for them.
