There are basically three types of banks: international, regional and mobile. Many people are not aware of the latest, which has significant advantages.
What is a bank (international or systemic)?
We all know them: UBS, Credit Suisse, HSBC… These are banks that cover at least the whole Swiss territory and in the most case even the whole world.
They are also called systemic banks. This means that they occupy a crucial place in the Swiss banking system. Their economic importance makes them indispensable to the smooth running of the country. Some media call them “too big to fail”.
They concentrate a large part of countries the wealth. Clients often feel reassured by the prestige of a big bank.
The big bank in one sentence: big enough to always be close to you.
What is a regional bank?
By taking a geography class in a Swiss School, you must have heard about them: Banque cantonale vaudoise, Banque cantonale de Zurich, Banca del Gottardo… But there are also other lesser-known entities, such as Bank in Zuzwil, Burgerliche Ersparniskasse Bern (impossible to pronounce) or Valiant.
The regional bank in one sentence: a bank that listens to your aspirations, and supports you achieving your goals.
What is a mobile bank?
It’s immediately harder to name them, right? They go by the name of ZAK, Revolut or Neon. That said, the number of customers is exploding and for very good reasons.
They have no building or physical advisor. Everything happens digitally : on their website or through a mobile application.
Although it may initially seem confusing at first, such an operational model allows for cost reduction directly reflected in savings for customers (account management, etc).
They are also called FinTech or neo-banks.
Mobile banking in a nutshell: your finances at your fingertips.
But how do I find out which option suits me best ? This is a matter of meeting an offer (the bank) and the demand (yours). That’s why you should be clear about your expectations of a bank.
But enough of the blah, let’s take an example: mine. If I had to choose a type of bank, what should I consider ?