Imagine being able to manage all your bank accounts and financial services from different banks in
one place, without having to constantly log into different apps and websites. This vision is now a
reality called “retail multibanking”.
The reality of the multibanking revolution
Around 70% of all bank customers in Switzerland have more than one banking relationship. Every third person even maintains three or more banking relationships. Thanks to retail multibanking, they can leave behind the tedious process of constantly logging into different bank accounts and instead get a convenient and quick overview of their entire financial situation.
Switzerland and the road to Open Finance
In spring 2023, more than 35 Swiss banks responded to a call from the Swiss Bankers Association and signed up to the Memorandum of Understanding for the implementation of retail multibanking. Depending on their ambition, the banks have opted for implementation by summer 2024 as “first movers” or for implementation by summer 2025 as “fast followers”. This marks a decisive milestone on the way to establishing Open Finance in Switzerland.
Retail multibanking is just the beginning. It opens the door to increasingly sophisticated use cases that improve the customer experience and open up new revenue streams. Banks should rethink their strategic positioning and see multibanking as an opportunity to ensure their future success.
In an increasingly digitalised world, banks that exploit the possibilities of multibanking will not only increase customer satisfaction, but also tap into new revenue streams and consolidate their position as innovative financial partners.
You can find all the information on multibanking for retail and how it will revolutionise banks in the white paper we developed in a joint effort with Synpulse.