In this column, authors take a stance on economic and financial topics.

At first glance, Swiss banks appear remarkably stable. According to the Accenture Banking Consumer Study Switzerland 2025, 70 percent of customers have remained loyal to their primary bank for more than seven years.

Yet this stability is deceptive. Customer behavior is changing rapidly, driven by demographic shifts: trust is becoming less decisive, while best-in-class specialized offerings, simplicity, personalization, and digital speed are moving to the forefront.

«Providers such as Revolut, Yuh, or Neon do not need to displace the primary bank to reshape the market.»

Already, 63 percent of Swiss banking customers use multiple banking relationships, and 45 percent have taken out a financial product with a new provider in the past twelve months. Providers such as Revolut, Yuh, or Neon therefore do not need to replace the primary bank outright to transform the market. It is sufficient for them to better serve individual needs—and in doing so, redefine expectations around banking.

Primary Bank Losing Exclusivity

For established banks, this is strategically significant. The primary banking relationship often remains in place—but it is losing exclusivity. The risk lies less in outright customer loss and more in the gradual erosion of relationship value.

In an environment where traditional revenue drivers such as net interest margins and transaction-based fees are already under pressure, the quality of the customer relationship is evolving from a soft factor into a hard growth lever.

Multi-Banking is The New Normal

The Swiss market has entered a new phase: multi-banking is now the norm. Customers tend to stay—but they use services more flexibly than before. Competition has also shifted, focusing increasingly on being chosen at the decisive moment.

This has immediate commercial implications. As customers distribute their financial relationships across multiple providers, retaining the primary banking relationship is no longer sufficient. What matters is actively securing and expanding share within the overall customer relationship.

This is where «share of wallet» becomes a key strategic metric. Data from the Accenture Banking Consumer Study shows that while primary banks remain strong in core anchor products such as accounts and savings, penetration in other categories—such as credit cards, investments, retirement solutions, or personal loans—is significantly lower.

For incumbent banks, this means relationships must be deepened more proactively. This can be achieved through advisory-driven cross-selling in relevant life situations, credible follow-on solutions, and modular digital products that address additional needs within the existing relationship. Remaining the primary bank while ceding share of wallet to competitors ultimately translates into lost revenue.

Why Satisfaction is no Longer Enough

In a multi-banking world, customer satisfaction alone is no longer sufficient. What matters more is whether banks can turn customers into active advocates. This is captured by the concept of advocacy: a deeper form of engagement combining trust, repeat selection, broader product usage, and recommendation. For Swiss banks, advocacy is a strategic lever—not merely a reputational metric.

«Advocacy emerges where customers experience their bank as helpful, transparent, and consistent.»

The economic relevance is evident. According to the study, banks with high advocacy scores grow 1.7 times faster globally—and as much as 2.6 times faster in North America. At the same time, customers with high advocacy are less likely to use digital challenger banks, place greater trust in their primary bank, and hold more products with it. In a fragmented market, loyalty only becomes a sustainable competitive advantage when it translates into genuine preference.

Advocacy emerges where customers perceive their bank as helpful, transparent, and consistent. For Swiss banks, the critical factor is therefore not merely having a relationship—but the quality of that relationship.

Trust Must Now Provide Guidance

Swiss banks continue to benefit from strengths many markets envy: stability, regulation, reliability, and a high baseline level of trust. However, this institutional trust is now being tested differently. Customers still want a secure provider—but they also expect a clear and fair partner.

In more complex financial decisions, what matters is whether advice provides orientation—or creates additional pressure. Forty-six percent of Swiss customers report feeling pushed, at least occasionally, toward products that benefit the bank more than themselves. Fifty-one percent experience uncertainty or frustration in such decisions, and 43 percent say they lack a sufficient understanding of financial topics. At the same time, 78 percent of Gen Z and millennials want to improve their financial literacy.

For established institutions, this represents a major opportunity. Trust is now built through concrete customer experiences. Banks that offer clearer advice, increase transparency, and empower customers to make informed decisions create more than satisfaction—they build relationships that endure even when new entrants offer faster or cheaper point solutions. «Advice first, sell second» is therefore a strategic imperative.

Personalization Only Works When It Feels Helpful

Few topics illustrate the gap between ambition and reality as clearly as personalization. Seventy percent of Swiss customers say personalized services are important in choosing a bank—but only 2 percent actively use the tools provided. This discrepancy points to a lack of convincing execution.

«Customers want relevance—but not a loss of control.»

The key issue is trust. While 86 percent of customers rate their primary bank highly in terms of data protection, fraud prevention, and privacy, only 17 percent are willing to allow comprehensive data analysis for personalized services. Moreover, 87 percent are concerned about how their data is used in AI-driven offerings. This is the core personalization gap in banking: customers want relevance—but not at the cost of control.

For banks, this creates a clear mandate. The use of AI must be designed as «trusted intelligence»: transparent, controllable, and delivering visible customer value. Otherwise, mistrust remains a central barrier. This includes clarity around data usage, meaningful customer control mechanisms, and applications that provide tangible benefits. Effective personalization should feel like timely, relevant assistance.

Neobanks Are Gaining Ground—Even in Switzerland

At 20 percent, the adoption of pure digital banks in Switzerland remains relatively low compared to the global average of 33 percent. However, this should not be misinterpreted as structural reassurance. High regulatory barriers, strong entry barriers, and the dominant role of TWINT have merely slowed development. At the same time, providers such as Revolut, Yuh, and Neon are gaining traction, particularly among younger generations. For incumbents, the window of opportunity is narrowing.

«Digital efficiency in everyday banking is mandatory. Human reliability remains the differentiator.»

For traditional banks, the challenge is not simply to keep pace with digitalization. The real task is to differentiate where they have a genuine advantage: in service—still a key driver of advocacy; through fast, focused offerings in areas where customers are already shifting to neobanks, such as foreign exchange or simple investments; and through a compelling hybrid model.

Digital efficiency in everyday interactions is essential. Human reliability in complex, advisory-intensive, or sensitive situations remains the differentiator.

This is precisely why physical branches continue to play an important role. Fifty-three percent of Swiss customers view them as a symbol of stability, 60 percent rely on them for complex issues, and 52 percent say that reducing physical presence would undermine their trust. The future of banking will not be determined by a simple digital-versus-physical dichotomy—but by how effectively banks integrate both.

What Matters Now

The new generation of customers is not necessarily less loyal—but it is significantly less exclusively loyal. They compare more, act more situationally, and expect more than secure account management and functional processes. For Swiss banks, this is a fundamental strategic question. Their traditional strengths remain valuable—but they are no longer sufficient to secure depth of relationship by default.

What matters is whether banks can transform passive trust into true advocacy—turning mere presence into active preference. Only then will they be equipped for the new competitive dynamics of the Swiss banking market.

Daniel Kobler is Lead Strategy & Consulting Financial Services for Central & Eastern Europe at Accenture and has more than 25 years of experience in strategy consulting for the financial industry. Previously, he held various leadership roles at Deloitte, including Head of Strategy Consulting Financial Services Industry and Head of Private Banking and Wealth Management in Switzerland.

Lionel Dossetto has been with Accenture for over 15 years, advising banks on transformation and strategy projects. He became Managing Director in Financial Services in 2022, took on the role of Strategy & Consulting Banking Lead Switzerland in 2024, and has served as Office Lead Zurich since 2025.

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