The Rise of Smartphone Banking in Switzerland: Fintech Newcomers vs Traditional Banks

Discover why traditional banks are outshining fintech newcomers in Switzerland's smartphone banking revolution. Stay informed on the latest trends in the industry.

In Switzerland, mobile banking is gaining popularity as the preferred method of banking, with traditional cantonal banks leading the way in customer satisfaction. According to an annual analysis by Lucerne University of Applied Sciences and Arts (HSLU) and E-Foresight, Zuercher Kantonalbank (ZKB) and Luzerner Kantonalbank (LUKB) have emerged as the top choices for mobile banking apps in Switzerland. Surprisingly, fintech newcomers have not been able to outshine these established banks in terms of user preference.

Revolut Surpassed by Cantonal Banks

Despite the rise of fintech companies, the most popular mobile banking apps in Switzerland belong to cantonal banks. Yuh, a mobile banking app supported by Postfinance and Swissquote, managed to secure the eighth spot in the rankings. Other independent applications such as Neon, Zak, Kaspar&, Yapeal, and N26 also made it to the list, albeit further down. However, it is the traditional players like UBS, Berner Kantonalbank, Raiffeisen group, Thurgauer Kantonalbank, and Waadtländer Kantonalbank that dominate the top ten list.

CSX Falls Behind

Credit Suisse's app, CSX, which was once considered promising, has fallen behind and is currently ranked 15th. The rankings were determined based on user ratings on Apple and Google stores, with only banks receiving more than 100 ratings being considered to eliminate statistical outliers.

Smartphone Banking on the Rise

The report highlights the increasing trend of smartphone banking, with 62 percent of logins to online banking services in 2022 being done via smartphones. Some banks even see up to 80 percent of logins coming from smartphones. Banking apps have become a crucial touchpoint for clients, with traditional banks successfully defending their interface against fintech competitors.

Tratraditional cantonal banks in Switzerland have emerged as the leaders in mobile banking, with their user-friendly apps garnering high praise from customers. The rise of smartphone banking underscores the importance of digital solutions in the banking sector, with users showing enthusiasm for the technical innovations offered by established banks.