No more accounts with one click: Which banks are lagging behind in digitalization

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Nowadays almost everything is possible online; buying shoes, ordering food, even getting insurance. According to a study by Moneyland.ch, there is one area that could be improved: the Swiss financial sector. According to the survey, it is either not possible or only partially possible for new customers to open an account online at many local financial institutions.

Specifically: A third of Swiss banks surveyed by the comparison service do not yet allow you to open a private account via website or app. Things are much worse when it comes to opening savings and pillar 3a accounts online. Only 9 out of 31 traditional banks offer the option of opening a savings account digitally without a dedicated account. According to the report, there are only 7 banks for 3a accounts.

“Many banks miss the opportunity to attract new customers by not opening digital accounts,” says Benjamin Manz (42), General Manager of Moneyland.ch. For him, it is clear: “The future of banking is digital. This also applies to opening Swiss bank accounts.”

ZKB is falling behind

Zürcher Kantonalbank (ZKB) also participated in the survey. The bank, which increased its profits by 17 percent to 1.24 billion francs last year, ranked among the largest Swiss banks, right after UBS and Raiffeisen. However, when it comes to digitalization, it remains outside the 20 banks listed. But last year alone, approximately 28,000 people decided to open an account with ZKB. A net new money inflow of 36.8 billion francs was recorded in the bank.

ZKB said the following in response to Blick’s question: “At Zürcher Kantonalbank, an account can be opened online, there is no need to go to the branch. The contract will be signed via correspondence.” In other words: Since a letter still needs to be sent via traditional mail, the process is not considered completely digital. However, the bank states: “A qualified electronic signature is in the process of developing for a fully digital opening.”

You can open an account online at these Swiss banks

Swiss people abroad have more problems

The lack of digitalization is felt not only by new customers of the various cantonal banks: Swiss people abroad are particularly hard hit. To open an account, you need to visit the Swiss branches of almost all banks.

The only exception among the banks reviewed: local Crédit Agricole subsidiary CA Next Bank – but only if you live in Germany, France or Italy. Additionally, smartphone banks Yapeal and Yuh allow accounts to be opened from Switzerland’s neighboring countries.

Source :Blick