News and guides on credit, leasing, savings and banking services in Switzerland

Mobile banks: PostFinance and Swissquote also want their share of the pie

The mobile banking market continues to expand in Switzerland, with the upcoming arrival of Yuh. This 100% mobile bank is the result of a partnership between PostFinance and Swissquote, which was announced several months ago. Indeed, the two companies announced last November that they wanted to form a joint venture and launch a joint digital banking application.

The Yuh digital app will be presented to the public on 11 May and its launch date will probably be disclosed at that time. According to the two financial services providers PostFinance and Swissquote, the jointly developed mobile banking app includes features "that no other banking app in Switzerland offers to date". But what are these features? For the time being, none of these features have been revealed.

However, the statements made by the two companies' directors give some clues as to the technological advantages.

A new mobile solution that simplifies banking for customers but also behind the scenes was a logical step in the development of our digital services says Marc Bürki, CEO of Swissquote.

Hansruedi Köng, CEO of PostFinance, makes no bones about his competitors:

Customers are increasingly seeking smart digital solutions for their finances. At the moment, they are mainly looking to international providers and fintechs for such solutions

This is the case, for example, with the cryptobank SEBA and the future luxury mobile bank Alpian.

With the growing arrival of neo-banks on our territory, the competition looks set to be tough. Alongside the historical players such as Zak or Neon, other companies want to try their luck, such as Yapeal and especially Credit Suisse, which entered the battle at the beginning of the year.

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