Generally there is positive feedback on online banking however there are also reservations regarding the use of e-banking. The reasons for this are manifold: security considerations, computer viruses, no computer affinity.
The activities of banks and securities traders are generally subject to licences granted by FINMA in Switzerland, irrespective of the way in which the services are offered. Anyone wishing to offer e-banking in Switzerland will in any case require authorization as a bank or securities dealer by FINMA. However, existing banks and securities traders need no special, additional authorization if they wish to expand their business to the Internet.
E-Banking is not subject to any special regulation in Switzerland. This does not mean that electronic financial services and products are not regulated. The provisions applicable to all banks and securities traders in a specific area are transferred analogously, as far as possible, to the new (E-Banking) concepts.
Almost all banks in Switzerland offer online banking services and pertinent mobile apps.
As mentioned under Section 1. Payment Services - Switzerland, banks in Switzerland are reluctant to grant an Application Programming Interface (API) to third party FinTech providers in order to act as AISP (Account Information Service Provider) or PISP (Payment Initiation Service Provider) and there is not law as the PSD2 granting such interface and access.
The market for online banking is big and almost every bank provides their customers with online access. The market for FinTechs is limited for the reasons mentioned above.
An opening of the Swiss market under a Swiss “PSD2” is not excluded. Also Google and Apple with its App Store might bring pressure on the banks to open this market.
Jürg E. Hartmann