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TechnologyOnly about half of Swiss population uses online banking: survey

11:35  27 august  2019
11:35  27 august  2019 Source:   reuters.com

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Switzerland had a population of 8.5 million as of 2017. Blue diamonds represent total population in thousands, green triangles represent Swiss Citizens only (in thousands) and red circles represent foreign population in thousands.

Reuse article. Internet usage Swiss population is online more than ever. Online shopping is another driver of increased internet usage, reported the statistics office. Whereas 56% of those surveyed in 2014 had bought something online within the past three months, two-thirds had done so

ZURICH (Reuters) - Only about half of population in banking-rich Switzerland uses online banking services, a representative survey conducted by the Swiss National Bank (SNB) among 34 banks showed on Tuesday.

Only about half of Swiss population uses online banking: survey© Reuters/Arnd Wiegmann FILE PHOTO - People walk in front of the Hauptbahnhof central railway station in Zurich

The SNB surveyed bank customers' demand for electronic and mobile banking offers to make payments, the area where digitalization in banking is more advanced than in mortgage lending, the central bank said.

"Overall, the banks have not yet reached their digitalization targets," the SNB said.

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The Swiss may want to swap cheese and chocolate for fruit and vegetables after a report said nearly half the population is overweight. Neither do most Swiss eat the recommended five portions of fruit and vegetables a day, according to a national survey on eating habits commissioned by the Federal

“ Online banking is facilitating the migration from cheques and other paper-based payment methods to electronic payments,” said Una Dillon, IPSO’ s head of card services and Communications. “The move to electronic payments is vital in ensuring Ireland’ s competitiveness and efficiency within the wider

Swiss banks are expecting financial transactions to become increasingly digital, which presents opportunities for cutting costs while improving the quality of service, the SNB said.

However, the survey also found risks linked to increasing competition from new market participants such as big technology firms or online banks that could lead to further margin pressures.

Increasing competition will also mean less customer loyalty, with the banks believing "customers are less likely to maintain a permanent relationship with a single financial institution in the future, and will instead increasingly turn to different intermediaries from the banking and non-banking sectors to find the best service," the survey showed.

In wealth management, the traditional playground of Swiss banks, digital services are still the exception, with half of the banks surveyed indicating the digitally managed assets represent less than 1% of total assets under management.

(Reporting by Angelika Gruber, writing by Silke Koltrowitz; editing by Gopakumar Warrier)

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