N26′ Grand Plan for Switzerland

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Neobank, the German online bank, has launched its presence in Switzerland. Here is, what the company expects to achieve in the heart of European banking.

Georg Hauer, general manager at smartphone-bank N26 and responsible for the German, Austrian and Swiss regions, wants to get Swiss customers fall in love with his banking services – they have grown rather weary of the industry in general, he believes.

N26 is different, Hauer claims. «The first bank you’ll love» is the firm’s slogan. The bank, which is operative in Europe and the U.S. is currently adding 10,000 users a day, according to the bank manager.

Franc Account at a Later Stage

For starters, the Germans have launched a niche product in Switzerland – a euro account at a knock-down price. The company says that 20,000 people have put their names on a waiting list already. Once it has established its foothold, N26 will expand further with a Swiss franc-account to follow in the longer term.

Longer term means three to five years, Hauer suggests. The Neobanker is already looking beyond that horizon and envisages the replacement of the traditional Swiss bank account.