It’s hard to miss a replica of a dinosaur skeleton standing in the entrance of their office at The Circle, Zurich Airport. This is a nod to traditional banking, but it also symbolizes a world that Saxo Bank has long since moved away from.

Saxo Bank is one of the pioneers of online trading. Its trading platform is often compared to a Lamborghini in the industry: It excites professionals but can overwhelm beginners. «We understand that not everyone wants to drive a Lamborghini. There are also clients who are satisfied with less horsepower, and we will soon be able to serve them,» says Stanislav Kostyukhin, CEO of Saxo Bank Switzerland.

July Will Go Down in History

When it comes to business, Saxo Bank's leaders prefer to go full throttle. The year 2024 has been particularly promising in Switzerland. Since the beginning of the year, the neo-bank has been performing strongly, but July is likely to go down in history. «In July, we gained more new clients than in the entire previous year,» says Oliver Buomberger, Deputy CEO and COO of Saxo Bank Switzerland. Buomberger is expecting record growth for 2024, both in new client acquisition and in the increase of new client assets.

This is by no means guaranteed. On the one hand, neo-banks in Switzerland face fierce competition. On the other, Saxo Bank has weathered turbulent times, with three different CEOs in three years and internal unrest within the team— hardly ideal conditions.

Fees Reduced by Up to 95 percent

The leadership duo of Oliver Buomberger and Stanislav Kostyukhin, in place for nearly a year now, has successfully restored stability and accelerated growth.

This progress is partly due to significant fee reductions. At the beginning of this year, Saxo Bank reduced its fees by up to 95 percent. Custody fees are capped at a maximum of 10 francs per month or waived entirely with securities lending. Additionally, inactivity fees were eliminated.

45 percent More Clients

«Our pricing strategy helped us significantly. In addition, many clients from FlowBank switched to us,» says Kostyukhin.

Overall, the customer base has grown by 45 percent since the beginning of the year. While the online bank does not disclose exact numbers, Kostyukhin notes that Saxo Bank now has 1.2 million clients worldwide, and Switzerland intends to make a meaningful contribution to this success.

Remarkable Growth in Ticino

The customer base in Ticino grew by around 140 percent. Assets under management (AuM) in southern Switzerland grew by 492 percent in the first eight months of this year. As a result, Saxo Bank Switzerland will hold events in Ticino next month to accompany its online marketing efforts. Additionally, a relationship manager has been appointed specifically for Ticino.

Saxo Bank plans to intensify its marketing efforts across the rest of Switzerland over the next three years. «We are extremely hungry. We want to become a relevant player in this market,» says Buomberger. The first step has already been taken.