Banking Transactions in Switzerland and China

Traditional banking service providers in Switzerland are facing competition. Smartphone applications open up new possibilities. Will we pay our bills, open an account, or take out a loan directly with a smartphone app in future? Does this make postal services, traditional banks, and credit card companies redundant for banking services? This question cannot be answered with a clear yes or no. However, it can be assumed that the banking business will change and that the competitive pressure on traditional providers will increase. 

Banking Transactions in Transition 

Applications already exist today enabling users to handle payments via smartphone - and more and more of these products are launched. Examples of Swiss apps are the smartphone app Twint or the smart watch software Swatch Bellamy. There are a large number of similar apps in other countries, some of which can also be used in Switzerland. These include offerings from smartphone manufacturers, such as Apple Pay, Samsung Pay or Android Pay. Digitization is particularly advanced in the payments sector. However, banks are also being challenged by new providers in other traditional business areas, for example in the credit sector through crowdlending platforms.