The long-anticipated migration of Credit Suisse customers to UBS systems is finally underway in 2025. As the popular CSX digital banking app prepares to disappear, Swiss banks are competing aggressively for customers with innovative free account offerings. This transition represents one of the largest customer migrations in Swiss banking history and illustrates how digital banking is reshaping the financial landscape.
The End of CSX
According to recent communications, Credit Suisse customers will begin transitioning to UBS platforms in Q2 2025, following the legal merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG completed in July 2024.
For CSX users, this transition means saying goodbye to an app known for its modern interface and competitive pricing. The transition plan includes automatically moving most CSX White and CSX Black users to UBS's new Key4 Banking platform, which launched on March 31, 2025.
UBS Key4 Banking: The Strategic Response
UBS's Key4 Banking launch appears strategically timed to retain Credit Suisse's digital-first customers. This zero-fee account package mirrors many features of the CSX offering that will soon disappear.
As I detailed in my previous article, "UBS has designed this offering to be primarily digital, allowing new customers to establish their banking relationship quickly and conveniently through the UBS mobile app." The package includes personal accounts, sustainable savings accounts, and digital card options specifically designed to appeal to former CSX users.
However, price comparisons reveal mixed results for transitioning customers:
- CSX White or Black users will generally find Key4 Banking more cost-effective
- CSX Plus or Pro users will typically face higher costs with equivalent UBS products
- All customers will gain access to free withdrawals at combined UBS and former CS ATMs
Swiss Banks Compete for New Customers
The Credit Suisse migration has triggered intensified competition, with financial institutions launching aggressive marketing campaigns on Instagram to attract customers reconsidering their banking relationships.
Banks across Switzerland are promoting their free account offerings:
- Valiant Bank has featured its "Lila Set" free account package
- WIR Bank has increased marketing of zero-fee accounts
- Banque Cantonale de Genève (BCGE)
- Radicant
The competitive landscape extends beyond traditional banks to include neobanks like Neon, Yuh, and Zak, creating unprecedented options for customers considering alternatives to UBS.
Marc Bürki, CEO of Swissquote, observed in a recent interview that "the disappearance of Credit Suisse creates an opportunity for digital-first institutions. With the CSX platform gone, customers will evaluate whether to stay with UBS or explore alternatives that might better meet their digital banking expectations." He confirmed that Swissquote is already seeing the impact: "We're gaining more than 2500 new customers per week, with an upward trend."
Looking Ahead: Banking in Post-Merger Switzerland
The Credit Suisse migration marks the final chapter in what began as an emergency rescue in March 2023. With branch closures continuing across the country, the Swiss banking landscape is transforming rapidly.
Digital capabilities have become the central battlefield in Swiss banking competition. One notable player watching developments closely is Yuh, the digital banking app created through a partnership between Swissquote and PostFinance.
According to Marc Bürki, CEO of Swissquote, Yuh has been remarkably successful: "Under the licensed providers, we're number one and have overtaken Neon, Revolut has no Swiss license." Bürki notes that Yuh has already accumulated three billion francs in assets and is growing quickly, with users even adopting it as their salary account.
Regarding international expansion, Bürki confirmed in a recent interview that expanding Yuh abroad remains under consideration, with Luxembourg being the most logical starting point due to Swissquote's existing banking license there. However, he emphasized that domestic market dominance must come first: "Successful fintechs only succeed abroad when they've become the absolute number one at home. You can expand from that position of strength. But that's not a project for 2025."
UBS's success in retaining former Credit Suisse customers will depend on how seamlessly they can transition CSX users to Key4 Banking. For Swiss consumers, this transition period offers both challenges and opportunities in an environment with unprecedented choice in digital banking services.
What's your experience with the Credit Suisse to UBS transition? Are you considering alternative banking options? Explore a comprehensive comparison of Swiss neobanks and digital banking solutions at neobanque.ch/switzerland/ to find the best alternative for your needs.