Simon Pelletier is Head of Product Strategy Banking at Swissquote. In this interview, he answers questions about Swissquote's new ambitions in banking.
At Swissquote, you differentiate between trading, investing and banking. Can you explain this?
Simon Pelletier: Of course! That is the beauty of the Swissquote offering: Everything money-related can be found under the same roof.
While we have traditionally been known for our extensive trading ecosystem, Swissquote actually offers much more than most people would realize. With our new suite of products for investing and saving, we bring easy access to a diversified, risk-based set of strategies built by our experts for clients who are on the lookout for hassle-free digital investment solutions. Additionally, we also offer a complete suite of everyday banking services.
Taken together, these three pillars of trading, investing, and banking – all neatly bundled in the same universe – make for a very compelling offer.
What prompted you to take this step?
Swissquote has achieved a position in which we now have more than half a million customers who have growing expectations with regard to what they expect from our bank. We have built our success on the strength of our brand and the quality of our digital services on the trading front.
The natural next step is to put Swissquote at the center of our clients’ financial lives. Our ambition is to build the most complete banking offer in Switzerland. Not only because our client base has actively requested it, but also to appeal to new customers who could then eventually be introduced to the amazing opportunities offered by self-directed trading. We now have a very compelling offering of everyday banking solutions that continues to grow.
Which services are already included?
Among other services, Swissquote’s banking offer includes the following:
What separates Swissquote from new players like neobanks and Yuh?
Along with Postfinance, Swissquote is also behind the neobank Yuh. The target group for Yuh is somewhat different, and on average younger, than that of Swissquote. Yuh builds upon a simplified offer that specifically targets that demographic. Correspondingly, the scope of services is also different. The same also holds true for most neobanks.
In that respect, Swissquote is uniquely positioned to offer both the innovation and simplicity that we see among the new market players, and the security, stability, and strength of a traditional bank. We are a pure digital player with one of the most comprehensive product offerings on the market.
Which other services are in the works at Swissquote?
Agility is at the heart of Swissquote’s approach, and we are constantly improving our services and product range to match our customers’ expectations and stay at the forefront of innovation. Notable events in the coming months include bringing our investment and pillar 3a solutions to our mobile app, and introducing new savings offers that will bring an ever-growing range of opportunities for our clients to build wealth. We will also introduce ways for our most demanding clients to engage even more strongly with our banking solutions. These clients have requested a premium offer.
Why should customers switch to Swissquote Banking?
I believe that Swissquote offers the best of all worlds, neatly bundled into a single banking relationship. With us, there is arguably no need for an additional financial institution; as a client, you will find solutions for managing your day-to-day financial life, planning your financial future with several investing and savings solutions (including for your pillar 3a), and accessing extensive trading opportunities on the country’s best trading platform. And you get all this with very compelling price points in all areas.
Where do you see the most exciting developments in digital banking in the coming years?
Digitization is advancing rapidly in Swiss banking. Fewer and fewer customers are visiting branches and ATMs, and most expect instantaneity as a core value. More and more customers are using and expecting all banking services on their smartphones. Swissquote has been a pioneer on the digitization front and we continue to move fast on all these dimensions. Other exciting developments are the responsible use of artificial intelligence in banking and the growing importance of cryptocurrencies not only as speculative asset, but also as a tangible solution for everyday transactions. Swissquote is probably the best-positioned Swiss bank in all these areas.
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