A recent study has delved into the digital transformation of Swiss retail banks, shedding light on their efforts to enhance digital services. For yet another year, Switzerland’s last major bank, UBS, has maintained its position at the top of the digitalization rankings.
Digital enhancements have long been a cornerstone in the customer service strategies of Swiss banks. The Institute of Financial Services Zug (IFZ), in partnership with Swisscom’s think tank e.foresight, has meticulously assessed 47 banks based on 138 criteria to gauge their digital maturity. The findings produced both unweighted and weighted rankings, giving greater weight to specific key factors.
Since the annual evaluations kicked off in 2020, UBS has almost consistently held the crown, having narrowly been surpassed by Migros Bank in 2023 but bouncing back to reclaim second place in this year’s rankings.
Visual representation of the digital retail bank rankings in Switzerland (left: unweighted; right: weighted; chart: IFZ)
When it comes to evaluating features in e-banking, mobile banking, and websites, Migros Bank still takes the lead over UBS, according to the latest study. Trailing behind are VZ Depotbank and PostFinance, holding high ranks of third and fourth place respectively. PostFinance, in particular, has made impressive strides compared to last year. Interestingly, Credit Suisse, which was ranked fourth in 2024, did not appear in this year’s analysis, while BCV managed to preserve its fifth-place standing.
Among the 47 banks under scrutiny, 35 had been part of the previous assessment. On average, these banks are now delivering 9.38 percent more functionalities than before. An encouraging statistic from the study reveals that 28 of the 35 banks analyzed have made improvements over the past year.
The drive towards innovation reflects a significant emphasis on technology, particularly the effective deployment of artificial intelligence (AI). Strikingly, leading banks in digitalization, including Acrevis, VermögensZentrum, Migros Bank, and UBS, have collectively introduced more than 10 new functions each, demonstrating a robust commitment to investment in digital capabilities.
Indeed, the array of digital features has expanded notably. Instant payments, AI capabilities, multibanking options, customizable interfaces, and digital saving rules are becoming more commonplace. However, features like voicebots in mobile banking, fractional share trading, and social trading remain elusive treasures within the industry.
Despite the advancements, the study authors point out that significant disparities persist between different banks in terms of digital feature coverage and overall digital maturity. This is evident in the unweighted scoring, where banks scored between a high of 114.5 and a low of just 9.5 points out of a maximum of 139. Alarmingly, 33 of the 47 banks scored less than half of UBS’s impressive tally.
As Swiss banks continue to navigate the digital landscape, one thing is clear: the race for the best digital platform is heating up, and the competition is anything but boring!
Which bank topped the digitalization rankings this year?
UBS regained its top position in the digitalization rankings for Swiss retail banks.
What were the criteria used to evaluate the banks?
The banks were assessed on 138 criteria, covering various aspects of digital maturity including functionalities in e-banking and mobile banking.
Did all banks show improvement in their digital offerings?
Yes, 28 out of the 35 banks that were part of the previous study reported improvements in their digital functionalities over the past year.
