Swiss private banks lagging behind in digitization, study finds
Swiss-based retail consultancy Columbus Consulting has published a study examining the progress of digitization in 29 Swiss private banks.
The aim of the survey was to measure the extent to which Swiss private banks are digitizing their offerings and using digital channels to promote their own products. The study concluded that local Swiss private banks are lagging behind universal banks and neo-banks when it comes to digitization. According to the report, 30% of the 29 banks surveyed do not offer any mobile apps to their customers and private banks are reluctant to use digital channels for marketing. Companies that offer mobile applications focus on general functions such as portfolio advice, access to financial publications and secure messaging.
Additional functions that private banks do not use include focusing on payment applications, trading functions, or accessing a robo-advisor. The report also states that Swiss private banks place relatively little emphasis on digital media marketing and tend to prefer display advertising. The opposite is the case with universal banks and digital banks, which invest primarily in search engine optimization (SEO) to market their products.